I think 4-4-2 (or a de facto 4-4-2) would be a massive step backwards. Whatever about a back 3, you definitely can't compete at the top in Europe these days with 2 in midfield. Every top team would outnumber you there. They all have (at least) 3 central midfielders, whether that's 4-3-3, 4-2-3-1...