Interesting suggestion, Sz. I understand the dislike of AAA usage...but in this instance, I'd rather use players that aren't real, than to use players that were real in another time. The way I see it, we're re-creating the 1901 season, AAA players we use in our league will be as if teams in 1901 pulled players we never heard of from Semi-Pro ball or something. Also, the randomness of the (below average) players adds to the spice - the best teams will still win, AAA or no, but AAA will make things a bit more interesting.
Anything to make the league more competitive. The Position Limitations I think also helps this - in this way, teams cannot stockpile at a specific position, so this way everyone will have a Real Life 2Bman, SS, etc. There won't be situations where one guy happens to have 3 First Basemen, so some other team ends up with none and has to use AAA exclusively.
I always loved the cool names from old-time players. Sweetbreads Bailey, anyone? The Errors - well that will make it interesting too. Again with more competitiveness!
And yeah, I am looking to create a league with guys that play a lot of live. I always play 100+ live games a season, and I'm looking forward to playing with others who are the same way.