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This leads to another interesting curiosity, which is, was the lookie-loo NBA draft era good?

This is an interesting point because the, as you called it, "lookie-loo NBA draft era" puts teams in a bind.  

Looking at my team (only because it is the one I know best), the Buckeyes brought in a slew of guards, I think probably more than they need.  Here is the guard situation at Ohio State as of May 4:

• John Mobley:  Testing the NBA draft but generally expected to return.  He can run the point but he's a sharpshooter and seems to be a bigger contributor as a catch-and-shoot guy so they needed a PG.  
• Justin Pippen:  Product of our era.  Played as a frosh at Michigan two years ago then started at Cal as a Soph last year and will be at his third school in three years this year with Ohio State.  Probably tOSU's starting PG for the upcoming season.  
• Jimmie Williams:  Grew up in Ohio, played JUCO then a backup at USF then a starter at Duquesne last year.  
• Braylen Nash is returning but doesn't seem likely to be a major contributor.  
• Curtis Givens:  Another third school in three years guy who was at LSU two yeas ago and Memphis last year.  Apparently he was out a substantial portion of last year but led Memphis in MPG when he was playing and started 15 games.  

I think the problem for Ohio State (applies across the board) is that with Mobley testing the NBA draft it creates a potential MAJOR problem if he suddenly shoots up NBA draft projections and leaves.  As long as Mobley is back I would think that we could do without either Nash or Givens but if Mobley unexpectedly leaves then things change.  

Could they maybe move the portal to post-draft?  

As mentioned above, this applies across the board not just at Guard at Ohio State.  Whenever you have a guy testing the NBA draft he is almost always expected to be at the least a major contributor so his loss would be a big deal.