I took 1976 Joe Morgan ($8.5 million, 599 PA, B/C+ fielder) instead of 1975 Joe Morgan ($11.7 million, 639 PA, A-/A- fielder) because I feel like the 76 version was overpriced. I lose 40 PA's and some defense with 1976, but the offense is better. And yes, if that extra $3.2 million in savings means I get to pick 10-12 spots better than I would have (in nearly every round), then that's more than enough justification.
That being said, I briefly considered taking a cheaper version of Ozzie Smith (I could have save another $2 million), but the difference between his 1987 season and say his 1992 season is quite a bit larger (as compared to the Morgan 75 vs 76 comparison).
'90 Eckersley is way overpriced (he is always used in those "try to lose but must spend up to the cap" theme leagues). I could see taking the '89 season of Eckersley and saving $4 million (of course, that wouldn't warrant such a high pick).