The big problem I have with making any aspect of the projections process more "fuzzy" is that I just see it as a way for the right to get richer. I know everybody hates that top draft picks are (almost) always good, low draft picks never turn to studs, and the same for IFAs. But the more randomness you add, the more lopsided (not less) things get over time. The teams picking at the top "need" the help (intentional tanking notwithstanding though in some sense they too need the help), and the top teams don't need the luck of snagging a stud in the 10th round.
A couple of analogies that I think are along the same lines:
1) The Yankees have been perennial contenders not because they always make the best choices, but because they can afford to make bad decsions. The Yankees don't get "weighed down" by a bad contract, they just cut bait and sign another guy. If the Royals make a bad call on "the" FA signing they make, it is another 5 years of bad teams. I think the same thing happens with "fuzzy" ratings. Make one bad call on overpaying for a IFA, you are hamstrung for a while. Make a few good calls and get the studs, you can take some more risks later. And I think it just spirals. Make a bad call once, and you start "chasing" to make up for things. After a while it looks like tanking.
2) Many "keeper" fantasy leagues that don't think long and hard about ways to get guys back into the draft pool end up devolving into the haves vs have-nots. Teams that pick good (or get lucky) early are at an advantage and can "afford" to take risks (like stashing young guys early etc). Or they can trade the depth of talent to re-load with younger guys. And the teams at the other end start "chasing." They don't have the talent to compete now, and end up being "forced" to take risks on young guys to try to catch up. If it works, the lose now and win later, but if it doesn't they lose now and lose later. And like WiS, if they don't his a home run with the risks, they bail and you are forced to recruit and having to fill those bottom-feeder spots year after year.
I know HBD is far from perfect, but under the current system we know that with patience and semi-intelligent ownership, even the worst team WILL accumulate talent over time. I don't know if that can be said with "fuzzy" logic