I think the squad Waqar picked looks like the best possible squad.
He somehow managed to include Usama and Abrar in the squad which seems good.
Only downside is it seems a bit bowling heavy.
With likes of Shadab, do you really want Usama to occupied a spot in 15?
May be take him and also Abbas in the Reserve 3. If a pacer is injured we can replace. Other wise rotate 3 of the 4 for rest purposes and form a healthy competition.
The best ingredient for this teams success is discipline in my opinion. Need to be calm and collected and utilise the best moments for yourself. Batting order to flexible depending on scenario in match if good opening stand given rizwan may go lower down.
My 15 as of today

,
1 Saim
2 Babar
3 Usman
4 Rizwan
5 Fakhar
6 Shadab
7 Azam
8 Imad
9 Shaheen
10 Naseem
11 Rauf
12 Amir
13 Abrar
14 Iftikhar
15 Zaman
Chachu to replace the first batsmen to flop - Azam, Saim, Rizwan, Fakhar, Usman play with one life!
Babar, Shadab and Imad are enough to take it deep with others playing positively around them. 120 divided by the Top 8 only allows for 2.3 overs each.
That’s 15 balls.
We say on a good day our openers both play out their quota and get us to some what 20-25 runs each we should be at around 50 runs after 5 overs.
That would suggest here one of the batsmen takes a chance either in the 6 over as if that goes well that momentum needs to be utilised in the 7th over.
Either way failing in the 6th over means next batsmen in now will play at around 9th over with one wicket down and 11 overs to go. By this stage the opening batsmen should have played his avg of 15 balls and to his next 15. Where he should be at around 25-35 runs. Making a 50 off 30 balls.
Going by this avg the team total should come close to 200 runs if not over.
Hitting out in the death or having a more than Average Power play with mean you go close to 250.
With our bowling restricting to 170-80 should be manageable.