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Any help in setting up Yahoo waivers?

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We're in our 21st year of my hometown league, and for the first 20 it has always been first come / first served for pickups. We're all busy enough to make a change we should've done years ago. But Yahoo isn't clear on how it should be set up. Maybe if I say what our end game is, someone will know how to tweak the settings:

We are a weekly league that runs Monday-Sunday. Rosters lock at midnight Sunday. We'd like it so that every unowned player is on waivers from Sunday midnight until sometime Saturday overnight (I think Yahoo runs waivers around 3am or so?). So we will use FAAB dollars to put in claims during the week, then Yahoo processes overnight waivers, and then after that point I want any player not on a team to be a free agent so it's still first come first served for at least a day. And then lock it up at midnight again, rinse repeat each week.

Any help?

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