Sorry to make yet another FanPost, but the draft is Tuesday and we have an odd number.  Points-based, H2H.  Email azibuck@yahoo.com to get an invite:

Batting

Total Bases (TB) 4
Walks (BB) 2
Stolen Bases (SB) 0.5
Strikeouts (K) -1
At Bats (AB) -1

Pitching
Innings Pitched (IP) 9
Strikeouts (K) 1
Hits Allowed (H) -6
Walks Issued (BB) -2
Home Runs Allowed (HR) -8

I played with the settings in Yahoo to make sure it was hitting/pitching neutral, and so that there were few wacky rankings. I got the idea for the categories, more or less, from this thread at The Hardball Times. I have never played in a league like this and have not ranked any players with it. But as H2H, it will be easy to track in your head as you watch a game/player.