While I do agree that Bonds should be top 3 in OBP leagues, I'm not so sure he should be #1.
That .600 OBP is overkill. I've played in 3 OBP leagues and every Bonds owner wins that cat by a huge amount at the end of the year.
It's like drafting a guy who steals 200 bases. It's wasteful.
It really depends on how you rate the other owners in your league. Lots of times, people use ESPN or other cheat sheets which don't take into account OBP. In those types of leagues, you're likely going to finish top 3 in OBP anyways so Bonds isn't as big of a factor.
Add in his age and steroid controversy, I'd be uneasy with Bonds #1 although I wouldn't fault anyone for taking him there.
"And so he spoke, and so he spoke, that lord of Castamere. But now the rains weep o'er his hall, with no one there to hear." - The Rains of Castamere