After taking a look at how this would have impacted my performace last year (even in a H2H league), I've bought into this "strategy" hook-line-and-sinker this year.
In fact, my league this year sets up even more perfectly for it. We've changed over to a roto format this year, and we've always had plenty of Pitcher and Bench spots (8 and 5).
My major dilemma at this point is figuring out how I want to get these guys on my team. The only MR that I see getting drafted in my league (by people other than myself) would be Marmol, Joba, Betancourt and Broxton (with a very slim chance of Bell). The rest just aren't on anyone's radar. So, I'll be trying to find a good spot to grab two (or three) of them during the draft (not too early, wherever the value is there), and the rest I could just as easily pick up and release throughout the year with little or no consequence (other than my waiver priority).
By focusing my draft almost exclusively hitter-first (for the first 13-15 rounds), stopping only for an Ace pitcher and two closers, I shouldn't have much trouble putting together a good offense. Then with a very flexible group of MRs (probably 4-5 when it's all said and done), two top-tier closers, one sketchy closer, and four starters, I don't think I'll have any problems whatsoever in the pitching counting categories (W/K/SV), and I'll be completely dominating people in ERA/WHIP (so long as I pick the correct MRs and starter matchups).
To me, this is what it boils down to... sacrificing one of your bench spots (and one of your last two or three picks in the draft) in order to upgrade from what would have been a very sketchy starter to a near-ace starter. The wins will be very comparable, the Ks will likely be even (or better), and the ERA/WHIP will be exponentially better. On top of that, I've now got two guys who could very easily become closers, which would help me in Saves (or as trade-bait for guys who didn't handcuff).
Meanwhile, at the end of the draft, everybody else in my league is going to be fighting over the Bruce's, Longoria's, Votto's, and such, who have much less chance of helping their team this year.
Extremely low risk (nothing but your last couple of draft picks, who are completely expendable WW-fodder anyway), and the possibility of a very high reward (equivalent to an ace starter, with the possibility of becoming a third or fourth closer).
And after all that, with the long benches in my league, I'll still have room for two or three prospects/fliers for my offense.