I echo the welcome back.
In regards to demotion, I said this somewhere that I actually currently see demotion as an advantage, especially if you don't have a strong team, because of all of the very meh 3-4 year contracts that a lot of GHL teams have. In fact, for a few days, I was seriously debating trying to deliberately do exactly that when I got this team. Had my second line not carried my team through the first month of the season at the top of the standings and I would have been fighting for a playoff spot like I thought I would have been I would have gone ahead and been a seller.
Ideally, you would quickly turn your team around so that you are back in the GHL by season 3 or 4. As a result, you could potentially gather a number of young players to build a team around. On top of it a number of players might be hitting FA too that would make good role players to fill in any gaps. All this while you likely pick low to mid in the draft for a year or two in the GHL while you build up your younger players.
Edit: The best time to take advantage of this though was this season. While it practically can still be done in the future you become more limited in what you can do in total as there are less bad contracts you can potentially use to your advantage when demoting.