No - the phillies should not make a play for Halladay, nor should they over pay for him, nor should they give up on Hamels at the nadir of his trade value...he had an unlucky season, some issues, and the verducci effect, all of which is 'fixable', giving up on hamels now for one season of halladay (cause they doubtful will extend him) is short sighted for a team that DOES have a budget. And no one in baseball wants Vernon Wells there's a reason, you're already over paying Raul Ibanez, you want to over pay Wells as well? The philllies got Werth to a good value extension already...
Brad Lidge is not as bad a closer as he was this year, nor is he as good as he was in 2008, he's probably somewhere in between, a league average closer, and he'll be fine next year.
Yes the bench is a problem, they need a better 3rd baseman (Gordon, maybe Beltre) they need Charlie Manuel to be a bit more rational and a little less 'player coach' when things go badly, I'd trade Shane Victorino because his trade value ain't never going to be higher and this was probably the best he'll ever play in his career.
My concern right now is SS, Rollins had a real bad season and is on the wrong side of 30 and there's no one in the minors who even projects to be an ML average 3rd baseman, the best possible option was traded to get Blanton (and they never saw if he could play short)
JA Happ had some rather lucky peripherals that won't be repeatable, I don't think he's Kendrick like in his regression, but he's not a front line pitcher, he's a 4/5 in my opinion...Moyer is most likely done, Pedro can't go a full season, unless you want six starting pitchers since he needs at least 10-11 days between starts, so a new starting pitcher will be necessary.
Some moves need to be made, but nothing as drastic as over paying for Roy Halladay