I almost see this thing being like a time capsule, where the best way to determine which team is the best is by looking at the stats at the end of the season.
Also, make sure you use players in roles that they are used to. For example, don't draft Mariano Rivera, Johnathan Papelbon, and Rafael Soriano on your team and put 2 of them as "set up men" as one would on a fantasy team. As Dipre noted, this is not a fantasy team, so things such as defense, injuries, lockerroom presence, and intangibles should be taken into consideration and will be noted in the voting.
A few other points. When you make your draft choice, be sure to put the player name and position in bold, and also put the 2010 salary. The reason why you should do this is for people to make sure that you have the right number, and so that you can deduct it towards your salary cap and help keep you guys from going over.
At the end of the draft, there will be a period where people can trade players in case people are over cap. In the NBA draft I believe that 2 of the 12 teams were over the cap limit.
We will get started with the draft around New Years, so people like me can plan our strategy now, and more people are welcome to join. With the salary cap at 110 million, there'd be plenty of talent around for everyone. Dipre will make the rules and decisions that need to be made, but I'll be the "creator" of the thread so that I can update the chart pick by pick. I might need help setting up the chart in my thread though.
Any questions can be presented at any time. I'm sure that this will be fun, as most of the other redrafts usually are.