I should have said that the draft be run so that rounds 1 and 2 are each on individual days to give teams time to adjust their draft list as in the initial draft. Then run rounds 3-6,7-10 on the next 2 days.

I do think 10 rounds instead of 5 is advisable. No one is OBLIGATED to go deeper than round 5. You go as deep as you wish depending on the number of players you cut. Perhaps no one goes to all 10 cuts, but this way the decision is up to the manager and if you have a really weak team, this could be a big opportunity to upgrade by cutting more players.