I'm looking to start one too. I believe you just set up a regular league and then go to commish tools and pick everyones top three picks for them, before the actual draft begins. I'm just trying to figure out the best way to choose the drafting order of those 3 picks. You can't do it after you know the drafting order, because everyone is never there for the Live draft. And Yahoo don't give you enough notice for the draft order. If you do it ahead of time, someone who picks last in the 3rd round might also get picked last when Yahoo sorts out the draft order. So, if anyone can tell me the best way to do the keepers, please let me know.
If this is your first season of a keeper league, then no one has any keepers yet. I'd imagine that you would draft as normal and then sometime after 2009/before 2010 we'd select keepers. Just my thoughts because I'd like to know the actual process myself, since I'm also trying to set one up.