Is this worth the trouble of scouring the lists to see if anybody valuable is available?  That is, how often do you (a) get a guy who can actually help right away in the majors or (b) a guy you can carry for a year because his projected ratings make it worthwhile?

Ours is tomorrow and I've got to decide how much effort to devote to it.

Sometimes there is nothing, but I would refer you to Jose Can U C (I really don't know to link worlds or drafts) wherein I picked up 3 good players (one of whom I think will be a stud- the hitter) with the 13th pick in the draft. I have previously acquired a starting catcher and a top notch reliever in other drafts

A guy on the ML roster is not going to develop properly if he's not playing.  So the idea of "carrying a guy" for a season is counter productive.  If you want him to develop, he needs to play regularly.

I use the R5 draft to fill the back end of my roster.  I draft them based on current ratings only, and only if they fill an opening on my bench or on the back end (long reliever, mopup, etc) of my pitching staff, or are a marginal upgrade to a veteran that I already have slotted into one of those positions.

Also, if you have a lot of player payroll available, you can also grab the occasional useful veteran in the last year of his contract who somebody else is trying to salary dump.  I did this last season with one of my teams.  He ended up not providing much value in limited work for me, but he left as a Type B free agent and I will be getting a comp pick for him this season.