Good points, all of them.
I think it's fair to say that India are currently a team in transition, rather like the Australians were after the retirements of Warne, McGrath, Gilchrist et.al. - with the possible exception of Dhoni, who I think is starting to buckle under the burden of captaincy, the Indians are lacking players of the calibre of the Vengsarkars and Gavaskrars of this world. You can't replace people like Tendulkar, Dravid, Laxman etc.etc. just like that - it takes time. Not so very long ago, England were in the same position.
Someone on TMS, it might have been Michael Vaughan (several beers have completely muller'd my memory so I'm not sure), suggested that India really need a true all-rounder like Kapil Dev but, quite frankly, I can't see any contenders at the moment. Even my Indian co-workers, several of whom are utterly cricket mad, are surprised and shocked at how quickly they've capitulated.
Admittedly, if I were in Cook's position I think I'd be somewhat torn: on the one hand, give the paying punters their money's worth and simply bat India out of the game (which, in turn, could lead to even more one-sided cricket which is no fun to watch) whilst on the other just try and get it wrapped up. I think it's a pretty tough call.
On the other hand, I can't help feeling that Sir Geoffrey might be right - irrespective of what happens, we're probably not going to see any cricket on Monday ...