I'm not familiar with faabman so i can't comment on that aspect of it.
I'll try and explain how it works with our league and maybe i'll be able to answer some of your questions. We run our waiver auctions three days a week: Sunday, Tuesday, and Thursday. Each team started with a $100 budget. We allow $0 bids.
It's not very complicated. After you have decided what player you want to pick up, you must enter a dollar amount in the box. There really isn't a deadline per se with CBS Sportsline. You just kinda learn the time of day that waivers are run and make sure you have your bid in ahead of time. You can re-adjust your bid or cancel it before waivers are run if you so choose. All bids are blind. When waivers are processed it shows who was picked up/dropped and what the winning bid was. It does not show (unfortunately) what other teams might have bid on the players picked up.
Player goes to the highest bidder. In case of ties, there is also a waiver ranking order. The team higher on the ranking order would get the player. Once you acquire someone from waivers you are then moved to the bottom of the ranking order.
I apologize in advance if i'm not answering your questions correctly.
Hopefully some of this helps.