It's nice to read about all that approaches to punting and so on... My take would not be that popular, as I see. My favorite draft strategy is... the one than close to none of my competitors follows during the draft.
I mean - so many times in my fantasy basketball life I got prepared for drafts with punt ideas only to find out that I'm not the only one following such strategy. Which ends up with overpaying or reaching for players.
Of course, no one knows in advance which strategy will work. So the ideal scenario would be to get prepared for as many as possible... Another challenge is to be really focused on how my draft goes and react accordingly. That's even harder, especially with quick online drafts. And almost always requires some help from external tools.