Kick takers are selected from the players on the field at the end of the match (either at full time, or if extra time was used, then after extra time). From the IFAB Law 10, with added emphasis on a phrase of special importance,
The referee tosses a coin ... and the team that wins the toss decides whether to take the first or second kick.
With the exception of a substitute for an injured goalkeeper, only players who are on the field of play or are temporarily off the field of play (injury, adjusting equipment, etc.) at the end of the match are eligible to take kicks.
Each team is responsible for selecting from the eligible players the order in which they will take the kicks. The referee is not informed of the order.
Note also in the same Law, with similar emphasis added,
If at the end of the match and before or during the kicks one team has a greater number of players than its opponents, it must reduce its numbers to the same number as its opponents and the referee must be informed of the name and number of each player excluded. ...
There is no requirement to name the order at any point, only to adhere to the conditions outlined in the procedure for kicks from the penalty mark.
However, you could delay selecting the specific player to take a given shot in the sequence until it is time to actually take that shot.
Thus, there is no concern over whether the order will be suboptimal based on the coin toss. Instead, managers are faced with a much more dynamic and complex situation: choosing the most optimal order from this point onwards and before every individual shot.