With this type of draft, there'd be a few South American sides though would be rich with all time greats I think.
Nah not really. Most big south american club teams have had 3-4 greats at max and then bunch of players that are lesser known worldwide. They really can't hold a candle to European teams.
However, there are enough good European clubs that can post some very competitive teams, (Liverpool, Ajax, PSV, Arsenal, Manchester United, Chelsea, Barcelona, Real Madrid, Inter Milan, AC Milan, Juventus, Roma, Marsaille, Dortmund, Bayern, Valencia, Atletico etc). Obviously its fair as Real Madrid or some bigger clubs can field some ridiculous teams, but you can create a fantastic XI out of PSV or Roma or Valencia players that will win tonnes of hipster votes.