This is a Pauper Cube I'm building with cards I already own. So, it's Pauper. And it's limited to cards I own. But it's Magic, we play it, and it's fun.
For the most part I'm selecting the most popular and highest-rated cards for each color, based on CubeCobra's Popularity and Elo ratings. That seems to give me what I want, which is cards that are both familiar and reasonable. Then do some balancing around creatures and so on.
I like the feel of regular Limited games, where winning is decided based on minor advantages, creature combat, and clever card management. The Pauper Cube format is good for that.