The Whatifsports championship attempted (before it was scrapped) to run a draft like this one.
If this does somehow run, you need to make sure you disallow any trades of draft position. Otherwise, it will be impossible for anyone to actually plan out their draft, because all the planning can be wiped out by a bunch of owners trading in front of him or her. This oversight in the WISC caused multiple owners not to be able to field a legal roster, because everyone started rushing to trade up or down in order to get the player(s) they needed (this happens because there are only so many high priced players, and people inevitably jump up in order to acquire that semi pricey player they like).
I'm too busy to sign up, but I thought I'd share what happened to the last attempt to run a draft like this one.