I've actually thought about doing this, and then just consistently putting "Looking to be drafted in the 1st round" guys at the top. I feel like, about half of the time, they actually are worth drafting, at least in the top 3 rounds.
I don't know if you could do it with 0 scouting... but maybe keep it at 4M, so you can see some guys. Rank by current ratings and see if there's anybody who appears to be half-decent and then throw some "probably won't sign" guys behind that, so if you don't get one of the guys with decent current ratings, you can at least pick up a Comp pick for next year and bump up to 8M to have a better chance at not wasting it.
Would be risky, but if done properly, could reward you. I would do it with HS scouting rather than college, because it's tough to compare progression rates for college players who can be anywhere from 19 to 22, but all the HS players are the same age, so they'll have a comparable growth curve. Draft "toolsy" guys (since a guy who is drafted at 20 power often stays that low) and hope the splits catch up enough to be decent.