Players who all deserve a spot here:
GOALKEEPERS:
Bert TRAUTMANN (who even could be in first team)

Frank SWIFT
DEFENDERS:
Eddie HAPGOOD (the best English LB of all time)

Ray WILSON (the second best English LB of all time)

Roger BYRNE

Jack CHARLTON

Neil FRANKLIN
MIDFIELDERS:
Martin PETERS

Alan BALL

Alex JAMES

Dave MACKAY

Billy BREMNER

Danny BLANCHFLOWER

Johnny HAYNES
ATTACKERS:
Stan MORTENSEN

Tom FINNEY

George CAMSELL

Wilf MANNION

Steve BLOOMER

Tommy TAYLOR

Mark HUGHES

John CHARLES
Btw, IMO it should be a 32 men AS team (like the BL All stars, Serie A All Stars, etc)..
My sugggestion would be:
GOALKEEPERS:
Gordon BANKS

Pat JENNINGS

Bert TRAUTMANN
DEFENDERS:
Eddie HAPGOOD

Ray WILSON

Bobby MOORE

Neil FRANKLIN

Billy WRIGHT

Jimmy ARMFIELD

Phil NEAL

Alan HANSEN

Bill FOULKES
MIDFIELDERS:
Duncan EDWARDS

Johnny HAYNES

Glen HODDLE

Bryan ROBSON

Billy MEREDITH

Bobby CHARLTON

Paul GASCOIGNE

Danny BLANCHFLOWER

Stanley MATTHEWS

Tom FINNEY
ATTACKERS:
John CHARLES

Denis LAW

Kevin KEEGAN

George BEST

Dixie DEAN

George CAMSELL

Jimmy GREAVES

Kenny DALGLISH

Steve BLOOMER

Nat LOFTHOUSE
Formation:
4-3-3:
------------------Banks/Jennings------------------
----Armfield----Moore----Wright----Hapgood----
----------------------Edwards----------------------
-------------Charlton--------Haynes---------------
---Matthews---------Charles-----------Best-------
3-3-4
------------------Banks/Jennings------------------
------------Hansen----Moore----Wright-----------
----------------------Edwards----------------------
-------------Charlton--------Haynes---------------
---Matthews----------------------------Best-------
----------------Dean-------Charles-----------------
This would be my first suggestions, I'm sure I forgot other good players
