What's the time commitment for this? Seems super fun but I'd hate to overcommit to it and ruin the fun for others.
As little or as much as you want. Daily roster changes unless you do your research and set it up on a weekly basis. Waiver wire pickups, etc..... injuries.
Basically however much time you want to commit.
The flavor of the league will vary by how in depth or how hands free the Commissioner wants to make it.
I will set mine up with likely 15 skaters and 2(+) goalies and a bench of 3 or 4 guys as well as IR/IR(+). We are still nailing that part down as the majority of the managers in our league want to switch to a Keeper League.
Still discussing with other managers the scoring categories.
Your mileage may vary I have been in weekly leagues where you set your roster for the week on say a Sunday night and can't make changes, I didn't care for it.
Platform is also a consideration, tried ESPN, loved it until that league folded (along with it's 8 divisions!!!) Did FanTrax and HATED it. Yahoo is decent enough.
Good Luck and have fun is the key takeaway!
