If we do what Pete outlines below (and what others have talked about before) we don't need a giant white board or paper. All we'd have to do this: at the beginning of the draft, each GM would walk up to the "Big Board" (the excel file we used last year) and type in his 3 keepers in the appropriate rounds (I suppose in this case we'd have to use the yahoo! predraft rankings, or something). Then, once everyone places their players on the big board, we begin the draft. If you drafted Ortiz in the 2nd round, he's already there and you just skip your pick. Easy.
I'd still rather just have everyone keep their first 3 rounds, and then move from there, but if people would rather use a third party system to sort out how high the draft pick goes, I'd be willing to deal with that. The problems with that seem to be two fold, however. 1) The yahoo! rankings aren't going to be the same as ours since a) they'll use different stats and b) they pretend that stats are the only issue whereas we all (or, all of us but Omar and maybe Whet) want to like the players we have and don't think of them like robots. 2) How far in advance do these preseason rankings (or, hypothetical drafts) take place? Would that give us enough time for winter trades?