I like all the options for customization.

I think I would prefer a draft pool, since that seems like it would result in the most unique teams... I'm not really familiar with the other way of doing it. Would that involve a salary figure and auction or something?

Split trades seem to be the way to go, as well. That makes the most sense to me, and it is a more accurate representation of the considerations involved in managing a real team. You have to consider what you think players will do, not only what they have done in the past.