I can feel your pain; I'm almost done with editing and have seen my ms shrink from 339K to (probably) 220K. Chapters, characters, good parts and obvious bad ones, too. I can say the storyline is indeed tighter but I'm looking over my shoulder at what was left on the cutting room floor. I'm told I have no chance of ever getting this published because this is my first attempt. My nine lives has shrunk to (-1) simply because I refuse to cut the very soul out of what I've created. I figure; better to see something decent than to meet the industry first-time novelist standards and come up empty (imo, of course). So, I figure I'll write the best story I can and since I've seen plenty of novels in the 700+ pg range, know that when I get rejected, it will be for a story with some integrity. In my case, I couldn't gut the original to 1/3 of its original content.
Pain, yeah, I feel for you. Hopefully, what's left will still resonate. That's my hope, at least...
Michael