Before the last update, you could create a competitive team that way, now as Boog says, they cost too much.
I did try it anyway tho. I won my division and 95 games in the first post update champs league with this line-up:
My lineup:
'98 Hendrenson-LF
'92 Daly- C
'01 Freeman (he is actually D/A, but 1st base FP means nothing in the sim)
'23 Cy Williams RF
'95 Boggs-3B
'91 Phillips-2B
'82 Smith-SS
'84 Pucket-CF
I won 88 games with this bunch (I don't recall the lineup I used):
Mark Grace 1992
Troy Tulowitzki 2007
Darin Erstad 2002
Mike Cameron 2003
Billy North 1973
Hughie Critz 1933
Kid Elberfeld 1911
Johnny Roseboro 1964
I was really trying to test the sim with this team (again, right after the last update). I recall being rather unimpressed by most of these guys' defense.