Yes I believe we would have done better, may be lost anyway, but not like this.
Rotations are fine and encouraged as long as we maintain the vertebral column, and that would be at least one of Piqué/Masch at the back, at least one of Busi/Rakitic/iniesta in the middle, at least 1 out of suarez/neymar at the front (messi never being benched and all).
There are certain mechanisms that the best 11 has that can still work if you take away 2 or 3 pieces, but if you take away 7 key pieces it'll look like the sh*t we saw yesterday, and we saw during 28 games beginning of last season, total chaos.
I honestly do not care if people would have been cool with it, I just know I personally would not have blamed Lucho if Piqué and Busi (or Piqué and Rakitic) were on the pitch, that would have been 6 (mats, piqué, masche, busi, messi, suarez) out of the best 11 on the pitch, still too little but given how Alba and Neymar are out, it would have been a very reasonable line-up given the circumstances ..
Compare this to a large truck, it has 10 tires, 2 are already flat, how many more tires do you think it is reasonable to take out and still expect it not to collapse ? 3 ? reasonable test.. 7 ? miracle-level test.