I would go with a RB, RB back to back selection. In any league, RBs are always the movers of the game. Plus, there's not a lot of RB depth past about 15 or 20 in this year's class, so you'll want to grab them first just as value picks. Bear in mind this is a .50PPR league.
Then I'd go ahead and grab yourself a couple WRs. Know who you want from the beginning and don't expect to get a top 5 or maybe even 10 depending on the reactions of the other owners in the early rounds of the draft. If your third pick comes around and there's a top 5 WR out there, you've hit gold, especially if you want RB 1 and 2.
Your fifth pick should either be a WR or RB, based on who is left on the board. Pick the guys you feel should give you the best value in the draft at the moment.
Do the same with the 6th pick, with the opposite position.
At 7, choose the best QB availible. If you can get a top 5, or a guy like Palmer here: great! If not, you'll probably end up with someone like Favre or McNabb, which is still not bad. Grab any QB that you feel is the best left.
At 8 grab your TE, he probably won't be amazing, but take what you can get. Maybe you should even grab a good WR here and take a TE with 9 if there's very little good ones left.
Then go on to draft depth as much as possible. Don't worry about K or DEF until the last two rounds, unless you can pick up one of the top 3 DEFs in the 10th or 11th round.
Just my 2 cents...
Questions or Comments? Feel free to PM me.
I know that I've been given more than beyond measure.