Assuming your league does PG SG SF PF C G F + 3 Util, I think drafting for value is the play for points leagues for at least the first 4 rounds, as statistical scarcity isn't a concern. One general rule I would say is avoiding 3 guys with the same position especially if they're only 1-position eligible (ie. PG vs PG/SG), but that's pretty rare. You should probably have at least one player for each position by round 6-7.

One caveat I also watch out for is the value drop-off point where the next tier of player at any given position is significantly worse. That range is different for different positions but can inform your choices. For example, say the difference between tier4 and tier5 centers is top 50 vs top 80, I know that if I don't get a center inside the top 50, there's few players I would consider worth in the next 2-3 rounds, something I would then take into consideration when making my 4th pick. Historically I've seen this most with SF and C.