If it were a draft league, this team would be impossible to get, but apparently in this salary cap league, you can get any players you want, as long as the total salaries are under the cap. Multiple teams can have the same players. That's the only way this makes sense.
In such a league you would be looking for low-salaried players with a high payback. There is definite potential on this team with Griffey and Brown. Aramis Ramirez is also a good choice. Hampton is a risk at 1.00, but I'd have to know what other pitchers could be acquired for 1.00 in order to recommend an alternative.
You also would not want to acquire a player who is overpriced. The only suspect I see here is Tim Hudson (more valuable than Giambi, Guerrero, Manny?). But you're going to need Hudson with the pitching risks on the rest of the staff.
Otherwise, I think the team looks very good. You should win the hitting categories, and do fairly well in the pitching categories.