The conventional wisdom here has been to focus on drafting hitting, and pick up pitching in the middle rounds. However, while I agree with this in general it's not a full strategy so I wanted to discuss it in a little more detail.
So, my interpretation of this is to lay off the elites of pitching unless they start slipping. So that probably means you don't get Lincecum or Halladay, etc. However, I would think you should get at least one guy who will be rock solid for you and drive your average pitching stats down if they're meddling (or in H2H someone who'd be almost a lock for a W and lots of Ks).
So, at some point you'd want to get this guy and it seems by Pick 70 you should have someone like Verlander and if you really want to push it than lets say Buchholz by 100.
After that, try to get a fairly solid closer by 100 as well.
At this point, it's probably a good idea to get position players if you see the next guy down will be a huge drop off. Or...start filling your staff will value picks for starting pitching like Anderson, Scherzer, etc.
For my 14 team league, I project it'll be something like:
7 - 1B/OF
21 - 2B
35 - C
48 - 3B
62 - OF
76 - SP
90 - RP
104 - SS
118 - SP
132 - 1B/OF
146 - SP
160 - RP
174 - Util
188 and on - sleepers/best available/backups
What do you guys think? Is this the route to go, because I'm curious as to what other people are doing.