Reds should trade Lohse promptly and should make Belisle the long reliever. Livingston and Dumatrait should be promoted and moved into the rotation. Alternative -- make Livingston a rotation starter and Dumatrait in long relief.
Livingston is questionable as a starter because he doesn't throw hard, but he seems to "know how to pitch" well and could be a fourth or fifth starter. Dumatrait hasn't been great and he walks too many, but he is of age now and we might as well see how he does against the big guys. Both have ERAs in the "3"s, have done reasonably well at AAA. I don't think Reds need to wait for them to "dominate" AAA -- move on this now.
Lohse is obviously not going to be re-signed so there is no reason to keep him. As for Belisle, well, I don't see him as a successful starting pitcher and his numbers are starting to show it. We can debate this, but Belisle was more successful, and perhaps can be successful, as a multi-inning reliever. And the Reds can use multi-innings relievers.
In the pen, room must soon be made for Burton and for Bray. Likely Gosling will go down. Stanton or Weathers should be moved to make room for the other, although I wouldn't move Weathers without a good return coming back. (Wouldn't mind Reds keeping Weathers since the team can only win games he pitches.)
Livingston, Dumatrait, Bray, Burton. Then, ultimately, when ready Medlock, although let him conquer AAA first.
P.S. -- Position player side -- Votto, Keppinger, Freel (when ready) and . . . Chris Dickerson. All should come up pretty soon. Hatteberg should be moved to give Votto his shot. Castro seems ready to move on, Keppinger should come up. (Give him some AAA games at shortstop!) Freel, of course, should be ready soon. I would move Moeller to give Ryan his place on the bench. Finally, I would find a place for Dickerson as the fifth outfielder. I think the Reds can use a guy like him for late inning defense in centerfield. Actually, probably makes sense to deal Conine to make room for him. Bench would be Valentin, Freel, Keppinger, Hopper, Dickerson. (Maybe Freel can play some first base against lefties in this scheme.)
All this helps point to the future. And if Dunn or Griffey is dealt, more new blood can join in.