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Nice analysis, Doc.
I think you're waving away the pressure on the bullpen a little too easily, though.  My take?
 
If you're trying to win THIS YEAR -- the club is probably better off giving Morrow 4-5 starts in the minors.  Why?  Because he isn't stretched out - so the IMMEDIATE short-term effect has great potential to be significant.  In 3 weeks to a month, the costs go down drastically.  You also have the case of since he IS rusty, you'd rather he cost the minor league team a game or two should he have one of the 12-batter implosions. 
 
I'm also not nearly as high on the bullpen strength as everyone else.  While I believe it can get there - I see Corcoran as an unfortunate filler as we wait Kelley's return.  I think Batista, while having an excellent season, is the most likely to wear down, (he's 38), and his current K-rate is EXCESSIVELY high, (has NEVER exceeded 7.0 K/9 for a season).  His current K/9 is almost TWO (2) strikeouts above his career average.  And NOBODY can carry 3.38-ERAs around for long while maintaining 1.68 WHIPs. 
White is another disaster waiting to happen, (identical 4.1 K and BB per 9 figures do NOT project well under any pitching model I know of).  The bullpen has been exceptional at preventing HRs - but some of that is from the otherworldly performance in that regard during April.  The biggest plus for the pen is addition by subtraction, as Morrow was not particularly effective out of the pen this season.
All that said -- if you're looking at building for the NEXT year, then by all means bring him up, and let him learn on the job.  But, if he does implode.  If the bullpen does have a collapse from overwork, you've gotta be prepared to accept that this is just part of the price for actually developing players. 
Ultimately, my single #1 question is -- what happens when Johjima returns?  Because if the club moves Junior into the OF - and Morrow into the rotation -- and suddenly the pitching goes south and the club goes from playing .500 ball to .300 ball, I don't want the blame throwers to be aimed in the wrong direction.
Me?  I'd love to see Morrow and Carp playing - and be happy to see Griffey in LF to swing it.  But, I also believe that this combination is actually making a stronger push for 2010 than 2009.  (Griffey in LF tells the current OF specs on the farm that Wlad's days are numbered).  I think these moves would make a lot of fans happy - right up to the moment the losses start piling up.  But, I think that's what the club likely needs to continue moving forward.