While I agree with most of your thoughts on this thread, I think I would keep Arrendondo and Logan (at least until clear upgrades are found).
IMO, you have a group of Simon/Logan/Arrendondo.. None of these guys are particularly expensive..You hope 1 or 2 of these guys pitches well enough to eat the innings when the Reds are behind, but close.. Honestly, I don't think we're going to find better guys off the waiver wire. Cingrani might be an upgrade to the least effective of the three, but there's no rush to make that decision.. let the season play out and see if a Cingrani callup will be beneficial or not.
I do agree with the DFA of Bray.. That guy has serious health problems and is not reliable.
We already have a shortage of bodies in the bullpen from Broxton's FA and Masset's health problems.. I'm not in a hurry to DFA or trade bullpen arms until we get a little more depth. IMO, we got very lucky last year with Hoover and Simon.. When I say luck, I mean the Reds did an outstanding job.. It's rare to be able to pick up two relievers like that in spring training and have them be effective IMO. I wouldn't count on being able to do that every year.. I've seen too many disasters from waiver wire pickup types..