I chose Real Plus/Minus Wins as my target, and I only looked at the top 50 players in 2017 as measured by ESPN's Player Rater for the given scoring setup. I measured the correlation of those top 50 players to their RPM Win ratings in 2017.
The standard 8 scoring categories are: FG% FT% 3PM REB AST STL BLK PTS. Some of these only have tenuous connections to actual productivity--FT% is probably the worst offender of the group. The categories must be chosen so that the sum of the whole does not favor particular positions too much.
The standard 8 categories has a correlation of 0.67 to RPM Wins for the top 50 players.
Here is an image with a variety of category choices evaluated (the conventional 8 categories are in orange):

There is a very clear winner here: replacing FG%, FT%, and 3PM with AdjustedFG%, 3Pt%, and Assist/TO Ratio gives a far, far better correlation to Real Plus/Minus Wins, and generally gives a much better top players list. On the other hand, Jae Crowder is now a better fantasy player than Demar Derozan... Is that bad?
EDIT: I have looked at this further and it is actually better to have 3PM than 3Pt%. See Below.
Here are the top 50 players with these new categories.

Any thoughts to the impacts of using these new categories? Will the metagames of fantasy basketball still be the same?