If you're going to base it on code, then why not take code they've written already? That would save the 3 days. ;-)
Assuming your company (like all companies) hires only the best people, the quickest would be to have the team decide. Put them all in a room, outline the project (and skills needed and milestones/deadlines) and tell them you want a team of 3. Walk out and give them 15 minutes to pick a team.
This way you won't spend any time on team-politics. They chose to work with each other, so they won't complain about having to deal with each other.
They also agreed to the deadlines, so they hopefully feel a sense of responsibility to meet them.
If you're really paranoid, you could meet privately with each member of the new team, and check that they really want to work with the other 2 on this project.