draft time works for me ... as long as I don't forget by then.
some quick, maybe, questions

:
1) I suppose I recruit my team thru said draft. Are there any "values" attached to players to serve as a "cap-restriction" of sorts or do I just draft the best one available at any position I see fit? How is the draft order determined?
No cap, and order is arbitrary
2) Are there any position restrictions on bench players (BN)?
no restrictions
3) What about the defensive player (DEF)? Can I choose any defensive position?
you choose a team's defense
4) How is "points allowed" (defensive plays) scored - based on how many points the entire defense, of which said player is part, allows in a given game/week?
refer to 3, so total points allowed even if it was on offense
5) Is the W/R position restricted only to WR or RB? Can I go TE there (Jimmy G may have something to say on that

)?
based on the settings for our league, no TEs just WRs and RBs