This seems to be a thing. Obviously I spent the majority of my points in 2 positions. Aside from those I scored some decent picks with small bids in useful categories, and relied on depth in the other non-rubbish categories. I think my team will be useful. A further advantage of this somewhat all-in draft strategy is that I mostly ended up with picks that fit my timezone.
C1: 1885 Fred Carroll (speedy catchers pick 15 $2)
Catcher is not really a position in which I will be very good.
C2: 2000 Greg Zaun (c/if platoons pick 10 $2)
Better than Carroll but with less IP.
1B: 2005 Teixiera (Switch Bombers Pick 16 $2)
Picking last there wasn't so much left, and I wasn't really sure if I was going 1b or 3b or of here, but he is still a solid hitter and I felt it'd be more efficient to get the other positions elsewhere.
2B: 1985 Samuel (Thieving Infielders Pick 5 $42)
By this stage I needed a 2B or I'd be playing Ozzie Smith out of position. Samuel has decent def/range and ok production, but in general it was not so easy to choose between the various options.
SS: 1948 Boudreau (199 hit seasons Pick 1 $182)
I didn't expect to pick first here (I wouldn't have been surprised to be stuck with Ruth at pick 3), but certainly Boudreau was the obvious choice. Great everywhere, as you'd expect from such a valuable player.
This will be a Flashing Leather 1b or of playing out of position.
OF: 1998 Barry Bonds (30HRs in 1998 pick 5 $42)
I'm surprised he fell so far, and in general the picks in this category confused me. Great offensive linchpin for the team at such a tiny bid price.
OF: 1939 Ted Williams (Run Producers first/last Pick 5* $42)
Somewhat higher a pick than I expected here for only $42, Williams has pretty great production.
OF: 1987 Dale Murphy (Mash or Miss Pick 14 $2)
Relatively deep theme after the few stars at the top. Can't complain with production given only $2.
Bench: 1998 Erstad (Angels pick 12 $2)
I didn't really like this theme, but was pretty confident I didn't need it to fill a role. Sounds like a defensive replacement.
Bench: 1980 Ozzie Smith (Slap-hitting HOF Pick 13 $2)
These were all mediocre, so I didn't think they were worth much of a bid. Smith is fast and strong defensively, he can pinch-run / defensive replacement.
Bench: some guy whose name starts with Q (Pick 9, $2)
Will never play.
1978 Guidry (78 Yankees Pick 1 $501)
I felt this category was the one with the biggest drop off in value, and, as Schwarze mentioned, there weren't really many places to get more good pitching outside the few places where everyone would get someone good. I knew that bidding here and missing out would be catastrophic (sure, Gossage was good, but not nearly as good and the drop off was even steeper from there), so put enough that I was relatively confident of getting it (though I was still somewhat concerned that someone might outbid me...). In hindsight 200 would have been enough and I could have thrown 300 more points at relievers, but the bids of 300-400 that went in other categories indicate that it was better to be safe than sorry.
1915 Mosley (1915 Federal Pick 8 $102)
Everyone put a lot of points into this, seemingly with the same idea. Regardless, he is not a terrible pitcher for a middle pick and will do the job.
1907 Sparks (Expensive Phillies Pick 14 $4)
These were all pretty good so I was happy to have someone from the back end. Will do the job.
1968 McNally (Aces $2 Pick 16)
There was no reason to really invest in this category unless you really wanted 2000 Pedro. Picking last didn't worry me, and I'd valued McNally better than 16th anyway so I consider it a win.
2000 Sasaki (ROTY 21st Century Pick 15 $2)
There were 4 actually good relievers in this category, but they all went early. I was concerned Sasaki wouldn't get to me (in which case I would have had real problems), but certainly he will be useful.
1981 Sutter (Award-winning RP Pick 11 $12)
I didn't have as many points to spend here as I would have liked. Kinda strange they are all 100ip+. Still, he will do some form of job in the bullpen.
2006 Ray (Gopheritis Pick 11 $2)
I think I'd discounted this category as bad, but in hindsight I'm not unhappy I ended up so high and he will in some way contribute to my bullpen.
2005 Street (ROY Pitchers Pick 11 $22)
I would have preferred to pick higher, but everyone gave kinda mid-range bids here so 11th it was. I knew that there were some Starters and some Relievers in the pool and fortunately some of the starters went high-ish, so while I missed the top-tier of RP, Street is ok.
2012 Uehara (Fireball Closers Pick 13 $2)
These were all pretty ok, so I didn't want to spend. Uehara has no IP but is a stud.
McClain, Fisher, Cooke, Koufax - 793 Mop-Up innings @ $2 each.