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Like Adam said, it's a question of personal preference, but signing your draftees on the later side means they are more developed when you sign them to their entry level contract (and so you save more money).
Personally, I sign my draftees right before the rights expire, unless they can make a meaningful impact on my team right away (so either they fill a role I don't have anyone else for or they can make my first scoring lines or first defensive lines). Sure, they might be able to keep up with the NHL on a fourth line, but there are plenty of UFAs or waived players for that. The three years on minimum wage will be super important when in a bind with the salary cap. And anything with a potential of 2 stars and below, I don't sign, because there will always be UFAs better than that.
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