(my personal) golden rules of drafting for 2004 (assuming normal roster req. and non-whacked-out scoring):
1. Don't take a QB early. Personally I usually target 5 or so QBs I think will be good late picks (e.g. Brad Johnson, Trent Green, etc) and don't start thinking about drafting a QB until they start coming off the board. Usually rounds 8-10 or so.
Round 4 is absolutely the earliest I would ever take any QB (including Culpepper, Manning, etc.). If someone like CPepp was around in the 4th, I'd consider him (probably would take him if I had RB/RB/WR already).
2. Don't take a kicker until the last round
3. Don't take a defense until the second to last round
4. Don't draft more than one K, D, TE. Don't draft more than two QBs. Most of your picks after the 5th round or so should be RBs and WRs that have lots of upside.
5. Must start the draft one of the following ways: RB/RB, or RB/WR (only if Moss/Harrison/Holt are available, and the top RBs are gone). Third pick can be a RB, WR, or Tony Gonzalez depending on who's left.
6. Be flexible. Unless you are a novice, going into the draft with a hard set strategy (e.g. I will draft RB/RB/WR/WR/QB) that you are unwilling to change is not a good idea. These are the people that drafted Trung Canidate before Randy Moss.