The current script is down to around 126 pages, and I've still managed to avoid excising any complete scenes. Some scenes have been cut down significantly (especially where I realized that I was spending time unnecessarily focused on a secondary character, in order to flesh them out -- fleshing that could occur elsewhere, in many fewer lines), but 90% of the compression has come from simply shrinking action and dialogue, and removing superfluous action and dialogue. Shortening conversations. Removing unnecessary reaction lines. Removing unnecessary description.
I'm getting down to the bone, and that worries me, to a degree. I worry that the whole thing will end up being too long and too skeletal, leaving me with the unavoidable task of rejiggering the whole story to eliminate one or more subplots. (Followed by the subsequent pass to fix all the dialogue and description that's now broken because it references things that no longer occur.) The problem with that is that it might be more time and effort than it's worth, for this story; and I think I can get this below the 120-page mark without removing anything major. Yes, yes, I know, kill your babies; the problem is that there are no babies left in this thing. It's nothing but unruly teenagers, dotting the scene breaks with their rebellious spoor.
Then, it's time to start sending it to agents and prodcos. Huzzah! My first screenplay that I think is actually worth a damn!