Just like your writing, your revision will go through several phases. Copyediting, or line revision, where you fiddle with word choices and grammar, comes last.
Here are the steps:
1. Read the entire proposal
Read the book proposal straight through. Keep note-making to a minimum. This is so you can get a sense of how the material reads. When you've finished this initial read-through, ask yourself whether what you've written stays close to your blurb. If it doesn't, you can either change your blurb --- perhaps you've been inspired with some creative new ideas --- or you can change your proposal.
While this read-through is fresh in your mind, write out your impressions. Have you covered most of what you want to include? What else do you think the proposal needs?
2. Slash and burn
Before you start cutting, rename your document (Version B or B1, or whatever naming process makes sense to you). Now go through the book proposal and take out the material that you've decided you want to eliminate. If it's too painful to simply hit the Delete key, cut the material and paste it into another document.
3. Add material
In this pass through the book proposal, add the material the proposal needs. Perhaps you've done some additional research --- write up all the material you want to include.
4. Read for coherency
Print out your book proposal, and read it through to check for coherency. Make sure that you've included transitions in your sample chapter.
5. Revise for style
In this pass through the material, you get to jazz it up, if you wish.
6. Copyedit
In this final pass through your proposal, check for grammar and word usage.
You're done!
You've done it. Congratulations!
You've completed your book proposal. Now comes the fun part, selling your book proposal. Good luck. See you on the bestseller lists. :-)
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