Draft? No.
Buy from market? Yes.
Like others have said before me, it probably wouldn't be a good idea to deliberately choose a worse player in the draft. I imagine you would do this because you prefer to train your players for your own roster and don't want to sell. I would think you could find this type of player in the second round instead of purposefully throwing money down the drain in the first.
Now if you are talking about the player market, I have definitely done that, with my current team and previous iterations. I can get a quality starter-all star player who is ALMOST capped and finish him off how I prefer for much cheaper than I could with a similar player of much higher potential. Every team needs those 10-25k type players that come off the bench or start in special situations. I prefer to train all of my players to fit my needs for financial reasons and because it makes me enjoy this game more.