It's up to you. I enjoy posting NCAA 11. I also post my College Hoops 2k8 dynasty as well. As long as you give updates at least weekly, people will follow along. Obviously the more info the better in my opinion, because it gives your reader a chance to get to know your dynasty and feel invested in following along.
Sometimes if you have readers create recruits, it gives them another reason to stay involved because they want to see how their play does as well as your team.
As far as going with a teambuilder, it's up to you. I think some people especially those who are diehard NCAA guy's like to follow players they somewhat know, so what I did is picked a 1* team (North Texas) and did a coaching format where I then moved up to a bigger and better (already did I moved to Washington State in Year 2) they were a 1* as well. Now in year 3, I haver WSU up to a 2* Status after going 7-6 losing in the Holiday Bowl to Texas.