I don't do salary cap, but I can see why this is worthwhile (but I won't pretend to know if it's good enough). Kovalchuk will be expensive and your group of Malkin, Crosby, Toews, Hossa, Giroux, etc should be okay.
A top two pick is obviously great this year, and I like Karlsson/Ottawa side (who's your current team?) better than the other I think -- Karlsson would have a shot to be in your top 4 D more so than the two forwards will have a shot to contribute. With Filatov, Eberle, Brassard, Benn, etc., I think you can afford to focus on the blueline.
Points-only, Full Keeper Dynasty League
Active roster (no starts, just total points): 12 FW, 6 D, 1 Goalie
Forwards: Kucherov, Barkov, Teravainen, Seguin, Hoffman, Lindholm, Gusev, Horvat, Meier, Perron, Schwartz, Johansen, Pavelski, Buchnevich, Hischier, Granlund, Bracco
Defense: Josi, Dahlin, Letang, Gostisbehere, Ekman-Larsson, Petry, Slavin, Keith, Matheson
Goal: Lehner, Holtby, Varlamov
Farm: Soderstrom, York, Woo, Tracey, Dorofeyev