I think you should allot $1 for every bench spot & spend the rest on your starters..
Your starting lineup is the most important thing.
You should probably keep your offensive bench to 0-2 players max.
More pitchers & closers will help you dominate saves,Ks,and Ws.
I'd probably only splurge on 2 high K SP aces to anchor your staff.
So subtract $1 dollar for every bench spot from your money & divide the rest into the number of spotting starts to get a ballpark figure on how much you can spend on each player.There are good deals on players well into the middle rounds so you could pass on the 1st 15-20 highly priced players & still build a killer team!
Assuming standard $260 budget and 23 man rosters, plan to spend $150 on your top 3-4 players. Then, add 2-3 more hitters in the $10-20 range and the rest of your roster with players who cost under $10. There will be plenty of value for very cheap at the end of the draft and lot of good players who will go undrafted.