Tonight Sugi tested out a Cube Draft at Games To You in Orlando and the draft was a huge success. You can play up to 6 players and can setup a free for all or a Swiss tournament with the draft rules.
What you need: a full playset of everything (2x of each card AND 3x of each battlefield)
1) Build 6-8 card packs of characters. Shuffle all 24 character cards together to build your packs. Each player drafts the 6-8 characters first. You can pick how many characters you want to draft. We used 6.
2) Shuffle all the battlefields together and then distribute 3 random battlefield cards to each player to form their pack. Draft these packs like the characters above.
3) Shuffle all the other cards together and build 3 packs of 15 cards per player. Then magic draft Left,Right,Left each pack of 15 cards until each player has 45 cards.
4) Build a 30 card deck with what you drafted. Hero and Villain restrictions are in play. Color restrictions are in play. 30 point character teams are in play. No one had less than 30 options for their decks, although some people had exactly 30 cards for a deck. So be aware what you draft matters.
Have fun. Run a multiplayer game or 3-4 rounds of Swiss games in 1vs1 fashion.