Ditch Tiger, admit defeat. Take the economy offering down a notch to better compete (Y Basic fares, etc). If 737s then become too numerous, sell them or return them from lease. The airline has enough empty planes taped up, sitting around.
Don't touch Velocity, the extra carrier charges are a significant additional expense and further changes risk eroding loyalty at a time when it can be least afforded.
Japan would be a really important win for them in a partnership with ANA, and maybe open up an additional gateway in to Europe. SQ might just have to wear that for the greater financial good of the VA group.
Keep working on optimising the fleet and work it harder, the A320s are getting more use and that's a good thing. Work dilligently on folding VARA in to main line from a management perspective, that this was allowed it's own chiefs and indians for so long is one of the things that should have been fixed years ago.
Now I have kind of ranted, I realise I haven't really mentioned what other benefits will be cut. Mostly because I'm not super sure there are many to cut?
Absolutely they should ditch the snacks in economy if it's costing them any money other than fuel. They're useless. Keep the free coffee/tea/water/juice, because totally BoB is too far.
Go back to the Virgin roots that made VS so successful. Be cheeky. Be bold. Be different.