I agree that it's best to cut bait and pick up the players that are performing. The last 5 picks I had in a draft were, Dye, Thome, Delgado, Betancourt (RP) and Pena (RP). I held onto them for a about 4 weeks into the season before I made any moves, which I now regret. Here are a few guys that were picked up in FA while I held onto Delgado, Dye, etc...
McLouth, Ibañez, J. Upton, Fukudome and Bourne
*EDIT: Also, I ended up cutting all those players anyway.
I cut Dye for Ellsbury
Thome for C. Granderson (owner cut him)
Delgado for J. Ceuto
Betancourt for E. Volquez
Pena for Sherrill