GloFo have zero experience on GPU parts, and there's no proof that they can get the density of what TSMC is getting.
So no, it's not really a big question. GloFo will be contracted with mid-low end parts or direct die shrink of current parts (a la 4770), probably both.
If they really need the pipe cleaner, I'd say a 12SIMD+/128bit "Barts" (~150mm² and/or a 20SIMD+/256bit "Cayman" (~200mm²) sounds about right.
They are both large enough to be real pipe-cleaners yet not too risky. They are both sensitive to cost and power but reduced R&D should be more than enough to make up the risk involved.
I'd say since Fusion/SB would have already been on shelves, a sub 100mm² part (8SIMD) would have to be very compatitive to survive, better leave it to the king of cost down. TSMC will also be contracted with a high end part (>300mm²) possibly another lower part (150~200mm²) if GloFo only got one part.
GloFo is currently making Llano, meaning they've demonstrated their ability to make <40nm GPUs, which TSMC hasn't, as far as I know. Presumably, AMD can infer the kind of density that GloFo's 28nm can reach both from information provided by the foundry, and from experience with Llano.
And naturally, both GloFo and TSMC must be making a lot of 28nm test structures, which would help AMD determine which process is best-suited to their needs. Based on currently available information, I really think it could go either way. But the decision will probably be made very soon (if it hasn't already) and AMD should reveal more in the coming months.