I'd grab one SP and one bat in round 2-3 and probably do the same in rounds 4-5. If you can get Vazquez, Wood, Halladay, Schilling, maybe Johnson or Schmidt with your 2nd pick.
For a bat, I'd look for Delgado, Giambi, Sosa or hopefully some obvious player who falls. Vernon Wells or Preston Wilson are the usual OF options at that spot unless another guy falls.
You could grab Chavez or Rolen and lock up SS and 3B. If you pass on them, make sure you get Lowell, Blalock or Cabrera in a later pick. A-Rod is most valuable playing SS obviously.
* Steroid induced record