From my experience, if you skip someone in the 1st round of a draft like this, that manager will lose out on a pretty good player. It then puts that manager at a severe disadvantage right off the bat....which may cause him to simply choose not to participate in the league. And since it took so long to fill this one, I think waiting an extra day for Terry101 makes a lot of sense. Once everyone makes their initial pick and is aware that the draft has begun, then it would be fair to skip their turn once their time is up. But under these circumstances, I think we should probably wait.
BTW, has anyone PM'd Terry or tried to contact him? The last time he checked in was Sunday (on the signup thread) before this league filled, so it's quite possible he's just carrying on with his day, unaware this league has started.