You are right the 1980 pool does not have enough players to go around. The initial season will be 1980 with players from the 1970 pool added to fill out the league. From that point it will be a random rookie draft. What that adds to the dimension is that you don't know what is available each draft season until the available players list is published. After the inagural season there should be enough players to go around.
Oh and with the tin foil, I don't think the Hanson Brothers are available to play in this league, but if they are, I'm sending someone out to see if I can get them under contract. :-)