My logic is that picks could be traded all over the place. An owner may swap picks with a bunch of different owners and never select in their original spot. No one owner would be selecting in their original spot. How do you determine waiver order then?
I know the OP's pretty much decided already, but I'll just add that this is a strong point. I'd been thinking about this case only, where I think it's reasonable to talk about the teams trading their position in the "draft order". But if teams trade individual picks all over the place, then there really isn't any clear "draft order" left post-trading.
That being the case, I think the league rule that "waivers go in reverse of draft order" should be interpreted as "waivers go in reverse of
original draft order". That's the only time when "draft order" is guaranteed to be unambiguous, so that's what the rule should be read as referencing.
In case it wasn't clear, that means I changed my vote, so one less for switching waiver order.