I did a live draft yesterday morning with this same game (Yahoo), different league - and if you are planning to be present during the draft, I don't see any need to pre-rank your players.
You have a queue box in which you can place your desired players (any position) . From there you can draft from your queue box. You can put as many players in the box as you want and put them in the order you want to draft. If a player is taken by someone else, that player disapears from your queue box.
This is like the 5th year I have played this particular fantasy game and let me just warn you, the draft goes very fast. Every year, my competitors and I comment we swear that the picks went faster than last year! If you are unlucky like me and manage to get a shitty draft order, it will seem you don't have enough time to draft a good player when all the ones you planned on getting are taken before you. That said - be a bit prepared in knowing what players you WOULD like to have and then plan on getting maybe TWO of them!
If you can, try to draft Emmitt Smith first! :p
I have a tendency to wear my heart on my sleeve - I have a history of taking off my shirt.....