Even if Wojo doesn't break camp in the rotation, there's a very high chance he'll get there at some point, whether its due to injury or poor performance from the others.
I think Fausto gets the spot. It gives them a chance to work with guys like Straley and Wojo for a couple of weeks in the minors. It also gives them a chance to see if Fausto has anything left. If he does and the others progress then they can look at moving him. If he doesn't they can cut him without enduring much of a loss. He obviously isn't a long term rotation solution, but if he can be a short term innings eater I think they will be more than happy with that.
Over the last 4 seasons Hernandez has an ERA+ of 79, and a FIP of 4.75. He had one great season way back in 07 (which the metrics didn't support). Since then he has only had 2 seasons with an ERA+ over 80. He's simply not even an average pitcher. Last season he did post a decent ERA+ of 89, but his FIP of 4.85 would suggest that even that mediocre number was overacheiving. I see no reason to waste innings on him, particularly when Wojo gives every indication of being at least competent, probably more.
I see him possibly on the roster for two weeks as Woj gets "Spingered". Edit:Granted, they could have just left Straily up for those innings.