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What are the strategies?

Just curious what's good, I don't really understand what the value for phyiscal is in mid, and why it's there, etc.
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Phys mid is probably a bad idea. For other positions it can create interesting dynamics where certain people might value certain picks differently based on the strategies they use.
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Your strategy is pretty much going to hinge on which of your players are the strongest - give them priority for more powerful champs, then adjust everything else to suit your picks. Things like the option for phys mid exist for if you feel like trying a niche strategy - something like Blademaster mid to make sure you get what you want in the draft or something.