Much as I enjoy live drafts, I'm not sure one is going to work out for our initial draft -- we've got people all over the world, and it just seems like scheduling an agreeable time would be awfully tough. I'd go with a forum-based draft for X rounds (at least 10, maybe as many as 25), ideally with some kind of time limit. Not perfect, and slower, but still.
For amateur drafts, I'd say stick with live if we can -- it's less of a thing to miss one of those.