No, no draft. I saw the tail-end of those guys in '75 - drugs in the barracks, Black Panther posters on the wall lockers, 2nd looeys getting blanket parties. Never again.
If 300 million Americans cannot find 1 or 2 million good men among them, then they aren't worth defending.
I would advocate a "supplemental draft" pulled from the population that is or has received either Pell Grants or subsidized student loans. By supplemental, I mean that the draft only fills positions (matched against a degree) that remain understaffed after the first 3 months of the fiscal year. In other words, starting in Jan.
This would allow time for volunteers to get the first crack a "choice" positions.
The supplemental draft should also include a provision to allow someone to remove themselves from the draft eligible criteria. This could be done by either repaying the Pell Grant, or converting the subsidized student loan to a regular student loan and paying the balance of the interest.