I like this... except maybe not for the obviously measurable physical attributes. These guys have insane amounts of film, they all run the combine, everybody knows if they are strong or fast or whatever. At some point, you just have to make the CPU better at this crap as opposed to intentionally blinding the users in ways that don't represent the reality you're trying to simulate.
That said, I think you could have one big mystery for all the mental aspects, which is really the only thing besides injury that makes a guy into a bust. Introduce some truly rock bottom AWR, PRC, ZCV, PUR, etc ratings into the mix that would take forever to address via progression / XP... I think that's the best way to simulate busts. Of course, you can always user that player in the game... but there isn't going to be a silver bullet.
As far as my own draft house rules. I mainly target only players that fit my system or are a glaring need. Once that is done, I'll target a handful that are projected to go in areas where I have selections. This has netted me one really great draft where I was very lucky from rounds 3-5... and two other drafts where I netted three worthwhile guys total.... so it seems to work for my purposes. I also have been playing with 60% XP slider, still gives enough to develop SS/quick guys at a decent rate... but outright mediocre normal dev guys only get slightly less mediocre.
Also, I've never had a problem with knowing the draft stories. I did take the Heisman Winner with the 2nd overall pick in my first draft of my current CFM... but after that, pretty sure almost everybody who had a decent draft story has been gone by the middle of the 2nd round... but maybe I'm not paying close enough attention to those stories.