I have run many drafts over the years, and all but one have been conducted offline. The fun and camaraderie of 12 friends on draft day simply cannot be replicated on the internet.
I would strongly caution against using a whiteboard to track selections. In a group of casual (or intoxicated) fantasy owners, people will inevitably select the same player twice. Use a system that will not allow this mistake, such as a web-based application or a pre-printed draft board and labels. It will save a lot of grief for you, the commish.
I vastly prefer pre-printed boards and labels. They are easy to tack on a wall, easy to read, and not susceptible to the technical malfunctions of a web application and projector. If you penalize particular rounds in a keeper system, this is also easy to record on a physical board. Additionally, most label sheets are color-coded by position, so alert owners can easily track draft trends and opponent needs. Tell each owner he is responsible for sticking his selected player on the board. As for using a web-based system, owners in my league keep all their research on laptops and bring the computers on draft day, so I would be loathe to designate one as the communal computer from which people make picks. The one downside to a physical draft board is that the commish will have to enter all picks manually after the draft, but I have never found this to be too tedious.
There are countless vendors on the web, but be careful, because prices vary widely. Split among all the league members, the cost is minimal. I have had particularly good experiences with “The Draft Kit
” and highly recommend them. Most vendors will give you options regarding text size, player universe, and auction boxes.
Let me know if you have any other questions about offline drafts. As I said, I have run many live drafts and used a variety of third-party draft boards.