Capgeek Armchair GM app is a blast. Show us the team you made!
I am personally using 53Million as the internal salary cap. 55-56Miliion has been bandied about on Twitter so I think its reasonable to go a few million under those numbers, especially if you want to give the team a chance to make a splash at the trade deadline.
The only limitation on your Team should be your cap and common sense. So, for example, while you might be able to envision a fair deal between the Leafs & Sens it'll likely never happen because big trades between division rivals are fraught with danger for GMs.
I would love to see comments about the various teams and hopefully you will use the rec buttons if you see a team that you really like.
Most importantly, Have Fun!