My league does all of those things, although we do daily lineups, we only do weekly free-agents, via an open bidding process.
Mon-Thursday-Anyone can "open" bidding on a player in the minors or majors who isn't on a team.
Before Sunday at noon you submit a faab bid on whatever players you want that have had bidding opened-whoever wins gets the guy on monday.
This prevents streaming and people doing fickle roster changes, while still allowing you to carry a useful bench and get some value out of platoon guys, but the entire FA agent pool isn't available to you on a daily add/drop basis.
We use rotowire and like it, it does cost money, but its not much(I wasn't commish so i don't know for sure, but i believe around 5-10$ a person for a 12 man league).
Check out my blog at http://www.rotopulse.com for fantasy baseball analysis, injury reports, commissioner info and more.