I would spend the money to get one or two guys you really believe in.
My preferred strategy is as follows: I like to blow 2/3 to 3/4 of my budget for an elite RB/RB/WR or RB/WR/WR combo and then value shop. If you do this you will be twiddling your thumbs and bidding up other players for the next 30 players or so. It can get boring but you have to stay focused since a nice value target can drop into your lap at anytime. It sounds crazy to fill out the remaining 10-15 spots with only 3/4 of your budget but I have been able to fairly consistently do this over several years of auction drafts. The real value time is late in the draft and having like 20-30 bucks is often enough to get a fairly talented roster once everyone else exhausts their funds.
1. The first guy in the draft and in most tiers is often a slight steal. Everyone is usually seeing what the price will be set at for #1WR or #1RB.
2. Tiers are massively important. You need to have a list and no how much you will spend for each tier of elite players. The last guys at a particular tier can often go for more than a higher ranked player simply due to supply and demand.
3. I tend not to nominate guys I want but wait for them to pop up. This can be a bit nerve wracking.
4. If you have team managers not present the autodraft can drive you bonkers but you can load these teams up with overpriced injury prone players. It feels a bit dirty but they are screwing up a real fun way to draft by not being there.
Good luck and embrace the auction its hellafun!