yes but you should have made the decision before the draft. If you all autodrafted using Yahoo's prerankings, it wouldn't change things anyhow but if each team pre-ranked their own players, the draft would have turned out different because players have different values in a keeper versus a redraft league.
As long as everyone agrees before the season
that this is going to be a keeper, then you are in good shape and good luck!
If teams want to re-draft, you can always hold a live draft and the commish can set the teams accordingly - this will be a pain in the arse but it's worth it to start the league off on the right foot.