Yes, PRO, MVP and HOF members have the ability to adjust picks that are made throughout the simulation. In the Draft Log, simply hover to the left of a player's position label and a "Edit" link will appear. Clicking this link will allow you to input an alternate player and re-run the subsequent picks.
You can make the same adjustment on the Draft Board tab by clicking the "Change" button below the player names (recommended for iPad & tablet users).
Note that the Draft Board also displays a "Redo" button for each of your own picks. Clicking this button will revert the selected pick and let you redo the draft from that particular round. This comes in handy for testing out how different selections can impact your draft.