Too early to speculate on the ramifications of this tragedy but Phil has undoubtedly left a legacy. Days like these serve as a reminder as to how precious life is, seems unfair that he's been taken right when the best years were ahead of him.
You'd have to assume the first test is in doubt despite the Indians desire to play, our blokes won't be mentally up to it. Hopefully some common sense prevails and a solution can be found. I think he would have wanted the test to go ahead but that is asking alot of the Aussie players.
Personally, I agree with an earlier poster, the best course of action is to dedicate the first test of the summer (alternatively, one of the days of the SCG test) to his memory.