At a glance, here are some of the players who have a case to at least be in the conversation.
The East starters happen to be the five players in the conference with the highest PPG. The other players with a PPG over 20 are Bargnani and Granger. After that, the other players with a PPG over 18 are Carlos Boozer, Joe Johnson, Brook Lopez, Paul Pierce, Chris Bosh, and Stephen Jackson. Boozer has played 27 games, so let's limit this to players with at least 25 games for the rest of what I say.
Dwight Howard is the leading rebounder. Add in everyone with at least 8 RPG and 10 PPG. You then include Andrew Bogut, Al Horford, Josh Smith, Kevin Garnett, Elton Brand, and Andray Blatche.
Rajon Rondo is the assist leader, so add him to the pool. Players not yet listed with 8+ assists and 15+ points per game. John Wall and Raymond Felton.
That's the shortlist I would use to pick the reserves.