My idea is to have the teams breakdown like this: G, F, C, any, any. Similar to a fantasy roster, if you want to think of it that way. One guard must be on the team, as well as one forward and one center. The last two spots can be any position. I feel this would make it more likely to represent the five best players in the league on the First team each year. At the same time. each position would be represented. There is still at least one player from each position, but it allows a great 3rd forward/guard or a great 2nd (or 3rd) center to place on the First team.
I thought about figuring out how it would change throughout the years, but that would take a long time. Might be a fun project at some point, but I just wanted to throw out the idea. Some changes I can think of:
Bill Russell would have more 1st teams, as he could have been on it WITH Wilt. No more "the league MVP only makes the 2nd team". For example:
59/60: Russell replaces Gene Shue on the 1st team
60/61: I'd probly bump Cousy to the 2nd team. This makes Russell - Wilt - Oscar - Pettit - Baylor the first team.
Also:
72/73: Dave Cowens, who won the MVP but didn't make the 1st team, could replace Haywood, West, or Havlicek. It's arguable, but if he was the MVP he probably deserves to make the 1st team even if he couldn't beat out Kareem for the one center slot.
73/74: Bob McAdoo (averaging 30 and 15) would make the 1st team over Gail Goodrich.
In the late 70s and early 80s, it's likely that guys like Moses Malone and Kareem would make the 1st team as a second center instead of guards like Gus Williams, Paul Westphal, and Dennis Johnson who made 1st teams during that period.
In 93/94, either David Robinson (29.8-10.8-4.

In 94/95, I think Hakeem and Shaq deserved the 1st team over Stockton. Penny was the other guard, along with Malone and Pippen at forward. Again, this year could have had 3 centers on the 1st team.
Thoughts?