I would argue that this strategy is actually getting the player you want at the value you think is appropriate for that position, arguing one player's inflated ADP vs another's value at current ADP.
For example, once the top couple guys for each position come off the draft board, the projected difference between the player you take in the fourth and the player you take in the sixth at that position isn't that great (i.e. passing on Antonio Gates as your TE#1 in the late fourth-early fifth and selecting Witten or Finley in the sixth).
It is kind of the reverse of the "best player available at position of need" mentality. Lets say in the example above you went RB-RB-WR-QB. You have the option to spend that pick on Gates or add depth at WR. If you believe that Witten or Finley will have an equal or better season than Gates, then you might say "I'm going to take player X later on"
The same strategy applies throughout the draft. The pitfall of this strategy is that you may have to use your pick earlier than the player's ADP to ensure that you do get them.
Only problem to that is "sometimes you get what you pay for". I've seen what the OP is talking about and my take is a lot of people are trying to be clever because they just think "player X" isn't worth "that high of a pick". Well, as we have noticed the past few years, some offensive records are being broken shattered each season. So, in today's NFL (and FF),
some guys ARE worth it and if you don't use that high pick on them, you simply get what you pay for. Go ahead and say its too high for Graham or Cruz, and all the others. but don't be the same guy posting here in Week 9 asking everyone "Is this good enough to get one of these guys cause I'm getting killed at this position every week".
We delve into this stuff like we are curing Alzheimer's or something but in the end its pretty simple: If the Vast majority of knowledgeable Fantasy players think that gronkowski is a super high pick because he produces at a rate that dwarfs 97% of the TEs you can possibly draft and put against him, then it might be a good idea to get the guy
IF your league decides wins based on the amount of points scored.