I don't think it's any more ambiguous than a football draft.
Your confusion lies in your lack of knowledge.
H2H and roto drafts have different values and strategies to use. H2H especially has a few strategies to use to abuse the rules of the game.
Personally I draft hitters early and often. I usually have 2 SP after about 8-10 rounds - then I start to draft P heavily in the 10's-teens. I'll grab an occasional bat that falls too far. I also play roto.
3B is a little thin this year. SS and 2B are almost always thin at the top. 1B and OF are more plentiful. I've won drafting OF early and often but wouldn't advise it. You can always fill a 3rd OF spot late in a draft - it's harder to do that in the IF. Many people will wait to draft C or RP after 10 rounds.
One popular 'rule challenging' tactic in H2H is to draft hitters and RP. Ignore SP completely (or almost completely). At this point there are two options:
1) Just roll with your RP and try to take SV's, ERA and WHIP and the majority of the offensive categories.
2) Stream SP's off the FA pool. You can usually take W's and K's with sheer volume of SP's - and win SV's from all your RP plus the majority of hitting cats.
There are probably other variations as well.
I wouldn't go into the draft trying to employ a 'rule challenging' strategy unless you don't mind the league thinking you are being a jerk.
Get a decent cheatsheet, draft some hitting especially IF early and build a pitching staff with 1 stud, 1 near stud and a handful of high upside guys you get after round 10 - and there are plenty of them available. You can draft an elite RP if you want - or take a couple decent RP's after the 10th round but you don't need to go overboard on the position (unless you are employing that as a draft tactic).
Read some threads in here to hear some rumblings on under the radar guys and guys experienced fantasy players are targeting for breakout or bounce back years.
What are your league settings? Roto or H2H, roster size, etc.? Roto basically requires that you try to draft normally and create a balance team, no ridiculous strategies that are common in H2H like punting saves or steals or batting average, streaming starters, and anything else that's like when you draft Dwight Howard and forfeit FT% each week because he's such a monster everywhere else. For roster sizes, if its the standard Yahoo rosters, you should focus on drafting infielders rather than outfielders. With 3 outfielder slots, they're a dime a dozen. In one of my keepers with normal yahoo settings, outfielders are basically just tools to upgrade at more important positions and you always lose based on pure value. I offered Mauer and Rios for Billingsley because my pitching is atrocious and I own Wieters, BJ Upton, Corey Hart, Chris B. Young, and Colby Rasmus and was seriously turned down, it's that insane. When you go with 5 OFs and CI/MI, it really balances things out much more.
Yoda's draft tracker is really useful, it's here on the first page in this forum.
I have basically equal knowledge on fantasy baseball and basketball myself, probably more basketball I wanted to give an edge, and fantasy baseball is basically the same as basketball, just more intense because you're following more players, even though it's really 70% monitoring your pitching because the hitters play everyday so you don't need to focus on them nearly as much.
I expect you'll get a lot of varying opinions here ... my own preference is to draft for balance (no punting, no streaming, no passing on talent because I'm ignoring a category).
One tip: You're going to need to research the players and your prospective league's scoring categories if you have little or no current knowledge. Once you've got an idea how your players shake out, rank the top 50 or so overall, but rank the rest by position and establish tiers within each position. For baseball, more than any fantasy sport, I find the positional tiered ranks to be a potential difference-maker.