1. roto???
Yes sir
2. p = sp/rp... doesn't matter
right
3. 10 farm league slots - meaning 10 minor leaguers - what determines eligibility - what would salary be if called up?
I think it's nice to give minor leaguers a $1 salary -- if you're going to invest all this time in "scouting," might as well maximize the rewards. As for eligibility to be drafted and to remain in minors, maybe no more than 50 IP and 130AB in the MLB? That way cameo callups wouldn't plunder the farm ...
4. keeper???
Yeah, maybe maximum of 8, either on options or long-term contracts (4 years max) requiring $5 escalators per year, except that first year=base year+1
what site???
I'm agnostic -- whatever works -- custom yahoo or cbs maybe? I really like that IP-RA pitching category as an improvement over the good old era, but not sure what sites might allow that...
P.S. assuming this goes anywhere, would you want some sort of short screening process, or are december signups a good enough filter?

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