I play in a similar style to other mentioned above. I usually start a fresh league (usually current MLB format or a 26 team 80's format), sim x amount of years (depends how patient I am feeling), then take a struggling franchise and try and turn it around.
I recently started using the method mentioned on the forums here:
http://www.ootpdevelopments.com/boar...-more-fun.html
Except that I didn't do any drafting, but rather set up the finances to be more like current day, and then let the computer redraft.
I keep the AI evaluation at the default settings.
I do keep Other ratings visible (I may turn this off w/ the new defensive metrics, but old habits are hard to break) -- while I don't need the speed ratings, I do like to know the defensive ratings.
As far as the draft, I do change the settings to see potential ratings (2 - 8 scale) during the draft, as I find that a bit more realistic, and less time consuming (i.e. I don't want to read 100 scouting reports and remember who my scout likes).
I've been playing this way for at least the past 3 versions, if not more, and haven't played w/ ratings on since then. Best way for me to enjoy the game.