Can you offer any draft strategy or tips for a successful draft?

It's important to understand that you don't have to set the draft list in the exact order that you would chose players if all of their salaries were the same.  You could, for example, rank a 'sleeper' player higher than you would if this were a straight salary-free draft.  If you were to rank a player considerably higher than everyone else it would increase the chances of you drafting him and his salary would likely be lower than the players your league mates were drafting in that round.  This would aid you in having the most payroll remaining and afford you a higher pick in the subsequent round. 

Another way to go would be if you have a low pick in a round is to rank someone higher than you'd actually draft him if not for salaries.  For example, if you think that someone that is generally considered to be an elite player is going to be a bust this season you could still rank him Number 1 on your list, counting on the fact that one of you league mates is going to select him before you pick.  This would drive up his salary and keep the salary lower for the player that you really want.  This is, of course, a gamble.  Others could pass on the so-called elite player and when it's your turn you'd get him in lieu of the player you really want – and at a higher price to boot.

Essentially, during the draft, you have to consider:

Oh, yeah...  All of this changes each day after each round is completed.