Actually, I don't want to give up some nuggets of info, because it might actually apply to the franchise draft too. However, I think I can divulge most of my strategy. In general, I wanted a team that had balance on offense, with no weaknesses anywhere. I believed there would be more homers than usual, but I didn't want to sell out on homers (although I really did consider taking Uggla at 2B and Reynolds at 3B), because, as brianjw said, the 1909 league was going to depress homers somewhat. However... in our own division and in the other modern league division, I think there will be more homers than usual, so I wanted to be part of that. And conversely, I wanted to keep the homers given up by my pitchers to a reasonable minimum.
I didn't really want Molina at all. I wanted all along a part-time catching situation with one guy who has a great arm, and the other who can hit somewhat, but doesn't have a noodle arm. Hannigan was the perfect 1st half of that, and I had targeted Wieters as the 2nd half, but as it turned out, I could afford Ruiz, who is a bit better.
I felt Adam Dunn was a significant bargain at 1B, although for obvious reasons, but I wanted those homers, walks, and ABs for a price under 5mil so I took him early. It looks like I could have probably waited on that pick.
After my first pick of Carpenter, I employed the only time when I used the gambit of drafting someone low-priced to move to the front of the draft; I drafted Washburn, allowing me to draft Vasquez (or King Felix, either was fine with me). Then, I didn't worry too much about pitching for awhile.
In general, I like my team. It definitely has balance. I clearly have more homers than anyone in the division, but I have several players who can run too, including Choo who is an excellent percentage base-stealer. My AVG and OBP are good, I think. My pitchers collectively have numbers that I'm satisfied with, including the homers allowed.
I will probably update this post later, after the franchise draft is more underway. There are some other strategies I didn't mention.
I do appreciate that we drafted 2009, after looking at some of the other drafts. Thanks for that brianjw!