I'll add a couple of things, and probably add more later..
Know the other players. There is "Big Spenders" in every draft and there is "Money Savers" in any Draft. A big spender is a "Stars and Scrubs" player as mentioned before. A money saver is someone who avoids the top teir players and spreads the money around looking for value
Prepare a list of players you "Don't" want. This is your call list. auction, unlike anyother form allows you to 'bluff', for lack of a better word. IE.. I never draft JD Drew or Larry Walker (inj history)... But when its my pick, I call them out for 1.00 and make somebody else bid on them. Last year, I grabbed Irod early and called out nothing but Catchers the rest of the draft.
1B is almost always the single most expensive position. If you want to save a little cash for another position, target a second teir 1B, the drop off is not that huge. Same with top teir OF.
If you can avoid the bidding wars, you will be alot better off in the long run. Bidding wars can come early or late, you never know. Last year, Ray Durham went very late for almost 35.00.
because three owners were Money Savers and each had a MI spot to fill. It was kinda funny, but there is at least two or three bidding wars every year. Of corse that brings up the bluff again now doesn't it ......
more later ......