I think I saw the option but I'll look again later.
What we would probably do as an adaptation is just have a waiver day, where the free agent players are all on waivers set to process on a specific day. Waiver priority would be reset at the end of the season to the inverse of the final standings. At the conclusion of the waiver day, we'd just reset waiver priority to the inverse of the standings again. So in effect the 5 round waiver draft would just become one waiver period. Owners could trade their general priority but not specific picks - they could, however, negotiate in advance for specific players (ex., if you land Kikuchi Jr. 2nd in the waiver period I'll give you Nuke Laloosh for him). With multiple claims, the teams with the highest priorities might end up landing multiple players at the waiver time. The rest of the 25 man rosters would just be filled out when free agency opens, rather than with rounds 3-5 of the current waiver draft (which are pretty meaningless if we are being honest).