no offense, heel, but any team featuring Pippen in it with the current engine doesn't get my vote for a very good team, no matter what the cap. Unless you're using a low-minute season of him and not really important in the rotation. Then I'm merely 'meh' about it.
Anyway, yeah, you can build a good team around $57M. There's just going to be a lot of wasted money on something (whether it's minutes or usage, I don't care, take your pick). Let me give you an example.
I have Shaq. I could do the following with him:
C Shaq
PF Mourning
SF Rodman
SG Kobe (or Pierce, who I like even more)
PG Lebron
That uses a lot of salary AND gives me a lot of what I need... but it also gives me waaaay too much usage. Change Mourning to a rotation of good rebounders who have lower usage and I still have more usage than I'll ever need. Lebron is the best PG in the sim, so I'm not taking him out (no Jason Kidd ties or I would consider using one of his last two seasons). I'm not using a dumbed down season of Shaq (and even then, he will have high usage). So now it's say good-bye to Kobe. Even if I replace him with a 4th tier (17.5-22.1) usage player, I'm still going to have redundant possessions. And I don't want to have a higher usage guy in that slot taking away from the godliness Lebron or Shaq will bring on offense.
The only thing good you can do by overbuying minutes is to do the old glitch trick... play guys way more minutes per game than they should be able to play and then rest them, but in this case you won't have scrubs to back them up.
Also, the higher the cap, there's more potential for an unbalanced league. Lowering the cap makes more players usable and winnable with.
It's all good, though, do whatever you want to with it.