Generally spend at least 65% of you budget on hitting.
Call out players for $1 you do not want and think will go high early to draw down other team's payrolls.
You can bid on players you really have no interest in to try to get the price up for someone else...just be careful as your perceived value of someone may not correlate to everyone else's.
Don't overpay. If you really want ARod for instance and his price hits what you have him projected for, back off. Obviously, if you are later in the auction and need to fill a slot and the last good player at the position is up for bidding, you can make an exception and spend a few extra bucks.
Generally players called out early go at or above vauation...meaning if you can avoid getting into the frey early you should be able to swoop in and get some good bargains. The flip-side is that if you wait too long you will get a lot of good value mediocrity and not have the talent to compete. Ofen you get what you pay for. I usually target a few guys I really want, try to hold off bringing them to bid as long as possible and try to get them at or below valuation.