I'll have to a stat draft sometime. Usually I do point buy or the standard 4d6 (drop 1) six times. But I think a stat draft could be great! I'll even let my players roll the stats for the stat draft and I'll roll a set and they pick from those. I'll probably use thanees suggested for whoever picked lowest stat last round picks first the next round.
Yep, that's what I had proposed, too, but I think Umbran's idea is better, to order the picks each round after the ability scores picked in the last round from highest to lowest (ties are broken up from last to first going by last round's order).
Actually, a more fair approach is to reverse direction only once. I.e. ABCDE, EDCBA, EDCBA, etc... (This order is also frequently suggested for treasure allocation.)
The order proposed by Wulf (and Thanee earlier) would be ok if the stats were distributed uniformly. But with rolled stats, you're going to get a few high outliers (17's or an occasional 18) and a lot more stats in the "middle of the pack". Those few high outliers will typically be snatched up by the first couple of picks, so after the first two round (ABCDE, EDCBA) whomever picked first will - on average - still have somewhat of an edge, so you might as well let E go first again in the 3rd round.