Long ago I had a spreadsheet that rated players against a league average. For each category, the average would count as 1.00. Then I'd rate each player as a ratio against that. (You could use 100 instead - it's probably preferable as you can avoid decimal points). (I'd happily send this to you, except that I have no idea where it is. It's probably on some floppy disk that's sitting in the bottom of a dusty box marked 'college stuff.')

I used to rate each player by position. So let's say the average 1st basemen hit 30 HRs this year (I have no idea how accurate that is). Then someone like Derek Lee, who hit 31 HRs this year, would score 103 points in the HR category. (31/30 * 100)

If you are playing 5x5, then the average player at each position would score 500 points.

Alternatively, you can also set it up so that the league leader in each category for that position scores 100. Then you can see how each player at a position compares to the overall number leader at that position in each category. In that case, the ideal player at each position scores 500 points.

In that case, the league leader in 1B hrs this year was Thome with 47. So Lee would score 66 points in the HR category. (31/47 * 100)

Advantages to setting up a spreadsheet like this is that you can quickly sort within each position for a particular category. So let's say that you already had a ton of HRs drafted, but needed steals, you can simply click on the SB category and sort accordingly. Because you are using a ratio measure instead of hard numbers, you get some sense of how far above (or below) the mean a player is. Another advantage is that you can see where the major dropoffs in talent is at each position. This can be a huge help in draft day strategy, as you will have a good sense of whether there are still quality guys left in each position.

Disadvantages are that it takes a long time to enter the data, and it's not clear it's completely worthwhile. It's not that hard to find player statistics online that can be downloaded, and I'm not sure how much of an advantage there is to looking at ratios as opposed to looking at the actual number of, say, stolen bases. Another disadvantage is that it is tough to compare the value of players across positions. Is an OF who scores 600 total points worth more than a SS who scores 550?

If you wanted to post some of the formulas you use, I'd be happy to take a look and comment on them. I'd love to develop a new draft day formula. I've started studying a bit of probability theory over the last few years, and have been tempted to apply it to fantasy baseball. I envision some Bayesian program to help me predict player performance. Unfortunately, I simply haven't really had the time (um, in part because I'm not all that great at math and it takes a lot of time to learn something as hard as probability theory). Maybe I can get an internship with some sabrmatic folks!