Well, yes, there is a tradeoff, which makes this draft so much fun. A bunch of different strategies can work equally well.
Do you pick a bunch of cheap guys with good/usable teammates, hoping to keep drafting high each round? But you will eventually need to use some of the nominated players' seasons (13 teammates is not enough to field a complete team, so you get stuck having to use a crappy Barfield or Herr season as a starter). But if you pick some stud seasons of the nominated players, then you draft lower each round, but your salary cap doesn't get hammered with high-priced crappy seasons of these nominated players (i.e., an $7M crappy Marichal season). Also, every time somebody else picks your player, that essentially moves you up one pick since you aren't using a pick on your player. The worst thing you can do is nominate a player nobody else is drafting.
I have a team in each league and have the complete opposite strategies. My team in the other league has last pick each round, because I took a high-priced Drysdale. It's fun watching all the other teams waste picks on the few cheap Drysdale seasons or waste cap dollars on the high-priced non-stud Drysdale seasons in order to get Koufax.