I'll be glad to try and help, but my only cap league is dynasty, and has a couple weird rules. The cap is only for active roster, and players can be sent to the minors at will. If they are at least somewhat expensive, they go on waivers, and if they are claimed, they then have to go on your active roster. So lots of more expensive guys get shuttled up & down and clear waivers. My strategy there is to have the vast majority of my minors be under the threshold; I do have couple guys I'm willing to lose if it comes to that, but they end up getting cut because they aren't good enough: Hornqvist, Beauvillier, etc.
As far as drafting initially, I'd want value producers, but you do want a couple expensive studs as well. Points only makes it easier, as getting handle on the dollar value of a skater stat set is straightforward.
For keepers, it's all about value. Do you want to keep a McDavid? Sure. But you also really want a JT Miller, and of course young players on ELCs that produce are very helpful.
In my league, I have some expensive players, but most of my squad is guys who are not crazy expensive. It's multi-cat, so finding cheap grit isn't so hard, but each team rosters 75 in total. The draft is all rookies, so free agency is a way to snag useful players, but you want to be ahead of the curve on identification.