Sure, if you're just trying to win. The pots not going to be large enough to draft just to win; of course, those that want to are welcome to. I'll be drafting for fun, players that I like that I want to cheer on anyway.
How would this work, though? We obviously couldn't do anything for Swiss, and I doubt we will have Cut information fast enough to put together a bracket and draft teams before the Cut gets underway. Is Swiss one day and Cut the next? if that's the case, we should definitely do a Final Four bracket style!
then again, the Top 16 of this functions very differently than a traditional bracket. more branches, IIRC. We would also need at least the first round pairings in advance