AE, that's a good question with most likely no good answer, but here's my two cents...
Let's assume you grab 2 RBs with your first two picks (which I would do, unless your league awards 6 pts for passing TDs in which case you grab Manning if he falls to you late in the first round). That leaves you with 7 rounds to draft 2 QBs, 3 WRs, a 3rd RB and either a TE or a 4th WR.
Best case (and most likely) scenario, people in your league will jump the gun and snatch a Palmer/Brady/Bulger/Brees type QB as early as the second or third round. If I were you, I'd take this opportunity to stack your starting WRs and pick up a solid third RB. Hopefully no one in your league will be foolish enough to draft 2 Qbs in the first 5 rounds, which means you should have a shot at a Donovon McNabb, Hasselbeck, or Vince Young as late as round 6...At this point you'd have 5 strong RB/WR positions filled and a QB capable of putting up tier2 (non-payton) numbers (which I think McNabb and maybe even Hasselbeck are capable of doing). Seems like a pretty good position to be in going into the 7th round.
In short, take advantage of the likelihood everyone else in your league is going to move early for their first QB, snatch a #7-#10 ranked QB as your #1, and watch as your position players dominate the opposition. If you resist the urge to grab a QB early and end up with a tandem of say, Donovon and JP Losman, I guarantee you'll be more than competitive. If anything, move early on your 3rd QB, in a 10-team league you can probably grab a player like Matt Schaub which would be a nice player to plug in on a matchup basis or in case of an injury to your 1 or 2.
Hope this helps, good luck with your draft.