We use Marduk's live
draft tool for our draft. Around the same time FA is going on, I import the draft class into that tool, set the draft order, etc.
For the first round, we have a 4 hour time limit for picks. This timer runs between 9 and 5 pm EST.
For rounds 2+, the timer is set to 2 hours. How many draft rounds we complete depends mostly on the quality of the draft class. Normally we try to go as long as we can, but if the class drops off to 2 star players in the 3rd round, we'll hit a point when we'll just let the computer draft for us all to finish it off.
It's important that if you think you might not be available when your pick comes up, you need to forward your list of pick preferences either to the commish or another owner you trust to make your pick within that timer limit.
During the Draft and FA period, I normally will not update the League site, since I'm normally simming every day. I will not update the league file with draft picks for each league file I post.
Normally we finish the draft with Marduk's tool, and then I go in game and repeat the picks in OOTP. It's possible that I might update the league file after every round, so that it's easier to filter out those players already picked and see how you fared with your picks. No promises though.