I still think overspin is really important in India; you just have to be able to do it at pace and get the ball up and down quickly. As you suggested, it's not a matter of of getting Lyon to show up and bowl in the high 80s/low 90s because he does that he gets no shape on the ball at all and not enough revs in general; Panesar is someone whose natural pace is just pretty quick. I think the best example was probably Harbhajan at his peak, who bowled quickly enough through the air to get the ball to spit off those wickets, but still did it with a natural dipping arc because he was imparting a lot of spin on the ball anyway. Panesar's never got much overspin but he still did bowl with some in India; his trajectory wasn't flat.
The idea that O'Keefe, Doherty etc bowl faster through the air is correct, but I still don't think they'd be well suited to Indian conditions. It's not so much their natural, optimum pace for imparting maximum revolutons on the ball ala Panesar as it is just the pace the bowl at to perform the role their state sides want them to play.
The pitches could be different yet again when Australia tour anyway though; they were certainly quite a bit different last time Australia last toured to what they were like in the series against England just gone.