I used the stategy in one league (12 teams) picking 4th.
After I took Manning, I was able to come back with A.Green/T.Bell and picked up Anderson later. Picked S. Smith in the 4th. Also got D. Foster, A.Lelie, Burress, C.Rogers, M.Bennett, Heap.
I think I have enough talent surrounding Manning to make a run. That is all you can really ask for.