Yeah it's a fun concept for sure (though I doubt this particular draft will get very far).
I was once in a draft which was similar. Restricted to players who were drafted no earlier then Gretzky's draft year (which was a good idea as most people had at least some idea of who all the players were) and active players were also eligible. Drafted 9 forwards, 4 Dmen and 1 goalie. Other than that same idea, injury history is irrelevant and so on. IIRC, the first player drafted was 99, then 66 and then it got interesting.
The foreign player eligibility rules were a bit weird. You could draft anyone who had played a game in the NHL but IIRC you got them at the age when they played that first game so ... someone like Fedorov was very valuable and someone like Fetisov, not so much. I mean restricting it to people who had actually played in the NHL was probably a good idea as it saved us trying to evaluate guys we had never seen play but on the other hand, letting us get them at draft age would have been interesting, I'm not sure who I'd choose between Fetisov and Lidstrom just as an example.
Anyhow that one was a lot of fun. And this was about 10 years ago so it was far from clear how valuable guys like Crosby and Ovechkin were compared to guys like Yzerman, Messier etc. You can imagine how hard it was to make that 3rd pick after 99 and 66 as there were many players you could make a case for. A goalie like Hasek or Roy? A Dman like Lidstrom or Bourque? A forward like Jagr, Hull, Messier, Yzerman, Crosby ...