A HOFer limit would be pretty interesting, and I would be on board with that if it's what it takes!
I don't know if this is something that could work, but maybe setting a limit to how many HOFers (and eventual HOFers) you can take in the draft? Or, like Moranis suggested, setting the draft to a certain time period? I'd suggest something like 1990-present, or something like that.I'd be in favour of the HoFer limit as it would force participants to get creative in building a supporting cast for the superstars they select in the draft. A certain time period would also make sense, but I'd prefer something more like post NBA/ABA merger-present.
Too hard to account for modern players with that limitation so if the draft includes current or recently retired players you can't have that limitation (like what do you with Ben Wallace).
Also, to be clear there are 2 ways to do the time-period draft. You can do it by draft year (or 1st year in league if undrafted) or you can do it by season selected. So, if for example we are doing the 80's and 90's, then you couldn't have Bird if it was drafted year since he was drafted in 79, but by seasons you would have Bird since he played during that period.
I also think it is important when you present your team that you have actually selected the year for the player you want since I do think it adds to this. For example, take McHale. If he is your starting PF it probably makes sense to use 86-87, however if you have Karl Malone and McHale backing him up, you might very well be better suited in selecting McHale's 83-84 season (or 89-90 or whatever). It just adds a nice element and makes someone like McHale far more valuable in this given all of the different roles he had.