I've been wondering about how they'll do the draft if there's no season for a while now, and the best idea I've been able to come up with is this:
In the new CBA, bump the draft eligible age up by a year and then just hold the draft as usual at the end of next season. Hockey has one of the youngest ages for draft eligibility in pro sports, especially seeing that it's a sport where a lot of players take a while to develop. It'll be unfortunate that we have to wait an extra year to see phenoms that are ready for the NHL at age 18 (players like Kovalchuk, Crosby, Ovechkin, etc) but those players are few and far between, and once we get used to the extra year, no one will notice it. Plus, an extra year of development can't hurt.
This way, no team gets screwed by a leaguewide lottery, even a weighted one, and no team gets doubly rewarded for their poor season. The draft will just continue as close to normal as possible.
Of course, if it takes two seasons to resolve the lockout, this won't really work either, but I'm really hoping that doesn't happen.