Unfortunately any aspect of this game will not move to a live format, ever. it goes against the base principle of the game. Its a good idea, but yer, goes against fundamental of the agme.
i think the functionality that is available in the current draft mechanism simulates your suggestion anyways, just not in a live format ie: I pick the guy i want most as my first preference. If someone else picks him, then it goes to my next preference, and so on. Seeing this live, i wouldnt change the order of my picks based on other guys picks anyways. So why would i watch it live?
I think there are other improvements that could be made to current draft mechanism that would help. For instance, i take a screen capture of my draft preferences beofre the draft, such that afterwards, i can do analysis on what a 5-ball 4-potential player turned out to be like..... i think being able to find this information somewhere inside the actual game, as opposed to a screen cap that i make, would make the current draft system much more friendly.
in other words, if BB are going to spend time and effort on draft, i think there are some minor improvements in functionality/reporting/analysis tools that they could implement, that would make the current drafting system much more user friendly and easier to work with moving forward.