I also drafted from the 4 spot (12 team redraft) and will share my strategy. MoP, I believe you played a season or two in this league (Cave Dwellers) so if you did, you know the league and most of the teams. If I am mistaken, sorry bout' that.
Here is the requirements/scoring.:
12 Team/18 man rosters. No PPR.
Start QB, 2RB, 2WR, Flex (RB, WR, TE), TE, D/ST, K - 6pts all TD's.
1.04 - Portis. I agree with MoP that Portis should be huge this year. Worst case, I figured he's top 8. Best case I think he sneaks into top 3. I wasn't able to secure Betts, but agree this would be a good idea.
2.09 - Parker. Some might think this was a reach, but Parker was the 16th RB taken. Yes, you heard right....it's a RB whore league due to the flex and ability to play 3 RB's. MoP's man Holt was taken at 2.02 as the first WR taken

I can see being big on the guy, but no Martz and #1? Anyway, Manning almost slid to me and made it all the way to 2.07. I am loving the Parker at the goaline hype right now and just can't see how Bettis leaving town can't help him. With just a few more opps at the goaline, FWP could be Huge.
3.04 - Bush. Again, many might think this was at least a round early, but other choices for RB's were K.Jones, C.Taylor & Dunn and MoP's choice, Foster. WR's were already in the 2nd tier with Wayne, DJax at the top of the list. It's a swing for the fences and was even more of a reach as I drafed before he (Bush) had signed his contract. Other factors for me when taking Bush was weighthing his potential points versus the WR's available and I like Bush's chances of putting up 200+ pts moreso than the WR's in this group. If you can't get excited watching Reggie Bush play football on Sundays, you need to find a new sport
4.09 - S.Moss. I realize I am in the minority here it seems, but how can a guy who put up 84/1483/9 just fall completely into mediocrity as many have him ranked? Was last year that big a fluke? In our league he was WR3 and put up just over 200 pts. 35 short of Smith who returns ranked as a top WR. I realize he had a monster year and it is completely believable that he won't hit that mark again, but I think ranking him in the 14-16 range is madness.
5.04 - Roy Williams - I went back to back WR's here and think I got another steal with Williams. Key obviously is Williams playing a whole season. If he does, I guarantee he's top 8. I was going to take Eli or Bledsoe here, but my master plan was to draft Palmer in round 6 or 7 and grab a guy like Leftwich to go with him. See my next few picks to see how that panned out.......
6.09 - Gonzo. How the mighty fall. I can remember the days when you couldn't get Gonzo any later than about mid 3rd (like Gates now). Should be a solid TE for me. My only real decision was not to grab McNabb. Still kinda kicking myself as Palmer was drafted at 5.05, foiling my plan. Maybe I should have gone ahead and taken McNabb but I just wasn't sold on him being anything special this year. Probably a mistake as he represents great value at 6.09. Not a lot of choices here for RB's and WR's were pretty mid-level.
7.04 - Brooks. I associate this pick to a poker bad beat. I went on tilt after missing Palmer and then watching Brady, Bulger dissapear in round 5/6. When I passed on McNabb I really started questioning my decision and figured it was time to swing for the fences again. I don't recommend going on tilt mid-draft, for the record.
8.09 - Coles. Needed another WR and the pickings were starting to get really slim. Other WR choices were Jones, Glenn, Stallworth, KRob. RB's were nothing more than scraps. Could have taken Brees, but planned on taking Leftwich, Favre, Green later. This is the part of the draft where I think you really start filling spots more based on need and feel much less guilty about taking a guy a round or two early.
9.04 - Anderson. I figure he should be a great bye week RB and have the potential to be a real sleeper. I just don't have faith in Jamal. I debated WR again with this pick and could have easily taken KRob or Burleson but couldn't pull the trigger. MoP, Clayton went early 8th, FYI.
10.09 - Colts D/ST. 5th D/ST taken and the run was starting. I know, I've read all the books and strategies but couldn't resist taking a D/ST this early. Could have taken a WR like JJ or Muhammad, Edwards, Wilford. Backup Qb's were Leftwich (my plan was working), Favre, McNair.
11.04 - Leftwich. Couldn't let him fall much further. Had to choose between Favre/McNair and just really like Leftwich's upside. Before his injury last season, he was easily on pace to finish top 5 in most leagues. I don't really think he can be labeled injury prone yet, but we will see.
12.09 - C. Houston. Just threw out a gamble that Martin wouldn't be himself. Recent news makes me feel this might turn out to be a really decent pick. Hard to say who will be the man should Martin not lace em up, but I think Houston has as good a shot as any and really played pretty well last season when given the carries.
13.04 - Staley. Had to backup Parker and I figured Staley is the better handcuff than Haynes, etc.
14.09 - Graham. Slipped again and hit my head and drafted a kicker, really early. He's in a great offense and I took him as the 6th kicker. Our league as a whole began the kicker run a little early it appears.
15.04 - A. Smith. Another gamble and another one that is looking better every day. I figure with these late round RB's, if they pay off decent or even have a couple good games, I can get a nice WR in return and trade one of them off.
16.09 - Hilton. Surprised no teams jumped to take him as their #1 TE. Kept falling and falling and I guess I am the only one in this league that thinks he's going to be a great sleeper. I think you could do worse than having Brees throwing to you as a TE.
17.04 - Ferguson. Should be a nice bye week WR and if Favre falls in love with him again.......lookout. It could happen, right?
18.09 - Herron. One more last gamble at RB

Kept reading the FBG updates and liking this guy more and more. What could it hurt?