I have gone 20/0 most seasons in one world, and 0/20 in another since I inherited that budget and did not think it was worth switching over.
In a good world, when you're drafting after about position 20, either is a really strong strategy. I almost never miss out on a player much better than the guy I draft in the first round. I slightly prefer college, because there are more college players than high school players by far in the draft, and you have a slightly less remote chance of getting a useful player in the third round-- but then, 22 year old former HS players tend to have higher projections they'll never achieve than 25 year old former college players and are therefore more tradeable. It's really a push.