So this idea I like. We could borrow an idea from fantasy sports where you get to keep players after a certain round in the draft. So if a team was 7 F's, 4 D's and 2 Goalies (Don't know why you would need that many but whatever it is), the first 3 rounds could be non keepers, while rounds 4 through 12 could be kept. Then when you draft for the next season if you kept a 4th rounder you would give up a 3rd. 5th would be a 4th. Etc.
Also, I like keeping the home ice advantage. It gives a "bonus" for having a higher seed in the playoffs. Maybe even if it was a playoffs only thing?