Look at the Pacers teams during their run through the mid nineties through the mid 00's. These teams weren't built through the draft, but through savy trades. I acutally believe that the Pacers have been historically one of the worst franchises when it comes to drafting. Lets take a look at how the Pacers became contenders.
1993 off season: The Pacers traded Detlef Schrempf for Mckey. Mckey was a veteran who was superior defensively to Schrempf and was a better "team" player
1994 off season: The Pacers aquired Mark Jackson, another savy veteran PG who would become the best Pacers PG in history.
1996 off season: The Pacers traded away Jackson for Jalen Rose, a young player with great potential that would become one of the franchises best players.
1996-1997 mid season: The Pacers re-accquired Jackson via a trade. The youth experiment with starting Travis Best at PG did not work. The Pacers missed the playoffs.
1997 off season: Traded Eric Dampier, a good young center prospect, for Chris Mullin. Veteran player again
1998 off season: signed Sam Perkins, another veteran.
1999 off season: Traded veteran Antonio Davis for the rights to draft Jonathan Bender. Bad decision. Pacers may have won the 2000 title if they still had Antonio to match up with Shaq.
2000 off season: Traded veteran Dale Davis for the inexperienced Jermaine O'neal. No idea how Donnie Walsh pulled of this one-sided trade. O'neal would become the best Pacers PF/C in history.
2001-2002 mid season: traded Rose and Best for Ron Artest, Ron Mercer, Kevin Ollie, and Brad Miller. A great trade which helped the Pacers contend unitl the brawl.
Basically if you only plan on building through the draft, you have little chance unless you can land a franchise player. Lebron, Duncan, Wall etc. The draft is too hit or miss. If you have good players which teams are interested in, you need to be careful to get the best value for them.