This is what I've noticed in live drafts, and how I've attacked the draft. Gotten rocked a fair amount, but have also won a good amount. If I win 1/3 contests, assuming most are four teams or more, then I'm making money.
-Absolutely have to look for how many top tier guards and forwards are playing that night. You get two guard positions, three F/C, and a UTIL spot. If there aren't many top tier guards, I'm taking them first even if there is a forward that may be projected to perform better. It's non rocket science, but you see a lot of people going straight for the top projected players and end up getting terrible players for whichever position is weak that night.
-Taking a chance on a GTD. It is extremely risky with some of them, but sometimes you have to take the chance. I tend to not take a chance as you only have six players, and having one be out is brutal. Last night, I passed on Embiid because I was worried he would sit out on a back to back. That is what has concerned me the most.
-I try to do my drafts about an hour before tip-off. Tired of seeing a player is ruled out after I drafted at 5:00 E.T.