Piqué usually plays very well against Ronaldo but the height disadvantage of Arbeloa will be an issue since Ronaldo likes running off the back of the full-back and getting on the end of headers (CL Final 2008, Spanish Cup Final 2011).
While Villa got the decisive goal in the World Cup, the substitution of Llorente was a key moment, he hit the post and caused panic in their defence with his aerial threat prior to Villa's goal.
Similarly, in the Germany game, Portugal parked the bus but the aerial threat of Gomez broke them down eventually. All the goals Portugal have conceded have come from runs down the right, since Ronaldo stays high up the pitch, so starting Navas and isolating Coentrão could work out for Spain.