I'm in. Categories, absolutely. Points is terrible and unworkable.
What I've done and what I think works. 12 categories, 6 and 6.
Offensive: Hits, HR, RBI, SB, OBP, SLG%. I think that's the perfect balance between contact hitter and power hitter stats. I cut runs out because they're more a product of what guys do after you get on base.
Pitching: Wins, Losses, Saves, WHIP, ERA, K/9. And I set the weekly innings minimum at 25, maybe higher. That's a good mix of quality and quantity stats, along with a stat that punishes you for too much quantity.
That's what I've done, but I don't really care what the stats are, as long as I know them and can plan based on them for the draft.