Not Henderson. He's an attacking central midfielder who we bought in order to create chances for his team mates (eg the through-ball to Bellamy for Maxi's goal on Tuesday). Though he can defend and is young enough to handle a lot of running, I don't think he imposes himself enough.
Not Adam (maybe). Supposedly someone more in the Alonso mold, he's our midfield playmaker. Sticking him as a dedicated DM will reduce what creativity we have in midfield. It could still work that he runs the show as he did for Holloway as the anchor of a 3-man midfield, but never forget that Blackpool were relegated, which implies that they lost a lot of games with Adam in this position.
Not Shelvey. Rather like Henderson for me - only good going forward, which is not a DM's task.
Not Aquilani. Why put a player who excels in the hole behind the striker as your DM? Stupid suggestion.
Not Gerrard. Lacks the discipline necessary for the role, regardless of whether he played there for LFC and England 10 years ago (where he had several howlers). He's 31 and is often out of position, though he does have a good tackle on him. I'd be prepared to let him play part of a "double pivot", but only if he had a proper DM as his partner (eg Lucas, Spearing). The point is that if we're playing 4-5-1, Gerrard cannot be the midfield anchor by himself (ie 4-1-2-3 = no Gerrard at DM).
Spearing. Can stand in for Lucas, though has never started a game without Lucas as his partner. I believe that now is the right time for him to make that role his own. Lucas was terrible until he had the role all to himself (no Alonso, no Mascherano as partners). I'm hoping that Spearing can become the same kind of player as a result of being thrown in the deep end. He definitely gets forward more than Lucas (having almost as many shots as Henderson in a similar number of games despite being more defensive), so I'd pick him in a "double pivot" midfield without a second thought. He had Adam for company vs Chelsea, but we were under the cosh the whole time, so it's clear there's room for improvement. But it's also clear that maybe Adam isn't the right partner for Spearing. I'm sure Kenny will have some ideas too.
The rest are too young.