Agree with the sentiments above. Veteran WIS players who have won a lot of championships through a combination of talent, dumb luck and sheer perseverance are the ones most eager to try new things so you're making a mistake in excluding them. They're also the ones who can give you the best advice on how to set this up. And the combination of a $255MM cap and exclusive players is a recipe for disaster. Will your league go season to season from 1920 onward or is it 1920-2019 inclusive? If the latter, the first few picks will be Ruth, Hornsby, Ted Williams, Pedro, Maddux, maybe Bonds and a few others and everyone else can pretty much go home. And, as pointed out earlier, WAA AAA is silly at 255 unless you're running a pick `em to drop `em to waivers league in which you're effectively increasing your cap to be more competitive in the TOC, which I don't think you are.
Sorry, my 0.02...