Before I answer, let me place the caveat that I couldn't account for every little quirk of that system. The pieces I missed, though, were minimal and will not measureably alter this analysis.
Your scoring system seems to favor hitters by a good deal until you account for the fact that you start 9 hitters and only 7 pitchers. At that point, the system tends to be balanced, favoring hitters by only a small margin. That difference grows again, though, because you are forced to start 3 RPs, and your system does not value them too highly. In the end, if you have to pick, hitters are generally the way to go here.
Regarding hitters, your league has two things that definitely impact player values: SB-CS & no AB or SO penalty.
You can draft along normal thinking because these categories won't massively alter anything. However, when it comes to deciding between two players, don't rule out guys that strike out a lot but have power (e.g. Adam Dunn). Also, lean towards guys that get you a few SBs while not getting caught. 20 SBs will do nothing for you in this league if the player gets caught 20 times, too. Most importantly, though, when deciding between two players, pick the player who is projected to get more playing time. Without AB penalties, guys with lower averages can still contribute if they're getting more playing time.
Regarding pitchers, let's look at relative value. The top 48 RPs, which is exactly enough to fill your 16 rosters, averaged 264 points over the year. The top 64 SPs averaged 494 points over that same time. Both set of players had the same standard deviations in terms of total points. So... If I told you that you were two investments with the same risk but one could pay you nearly twice as much, which would you take? Good answer.
There really won't be a lot of difference between how you would draft for this league compared to other leagues. Draft reliable hitters early. They will product more points. However, take Johan in a heartbeat if he slips to 7th overall. He's worth 1-1/2 starters or 3 relievers!
After getting a few good hitters, start drafting high-K pitchers before moving on to relievers. My draft in this league would look like a pitcher sandwich with the bread being hitters. The nice part about having a deeper hitting requirement is that low-tier hitters are often indistinguishable from their WW counterparts. You should be able to grab quite a few guys pretty late to fill that 9th spot in your hitting lineup.
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