Right it depends on one thing really, how many league do you have active?? (well and the data base size) as I found it helped having most of South America going to get some decent players in that just want to play in England for not a lot...
My other tip is to plan who your 4 season long loans are, in England you can have 4 season long loans, make them all decent kids who you dont have to pay wages for. I got Kieran Agard from Everton, John Dunleavy from Wolves, Ashley Hemmings and Marco Ranieri from Spurs. Some of these players are good ideas as there contracts are up at the end of the first season making them good free buys if they like you...
Another good shout is Alex Chamberlain out of Southampton (been watching him play in real life and hes starting to get good) but in FM he tends to get sold to a prem team and stuck out on loan. I wish I had him on the season long option but I forgot and only got him in for 3 months, he got a few goals and some assists for just being short and fast!
Loan signings are a killer for the first season or two really, there's little point in buying up a l2 squad when you get lumped with a MASSIVE squad to start with and little hope of offloading half the players till their contracts run out (and the left and right backs your start with are terrible).
For interesting frees (if they are in your database) you might get lucky and get King Gyan (midfield whos generally rated at champ level so offer him a contract as soon as you see him as he just wants to play). Michael Abnett is a good enough prospect for right back, Killian Brennan got released from an Irish team whos l1 left mid and I got Mihael Kovacevic out of Dundee United's reserves but im not 100% sure about him...