If you're brain is brimming with ideas withheld while writing, and you just can't wait to get in there and fix it, I say go for it! You're going to do more than one pass anyway, why not get it as ship shape as possible before the drawer?
It may feel a bit overwhelming at this point. You've been reading blogs and attending workshops and learning, learning, learning about all the mistakes you've probably made and will have to fix. Where do you even start? Don't panic. Take a breath and think it through.
Everyone has a different process, but here's mine. Maybe it will help. And please note that it can vary from book to book as well.
- Read it through for major glaring inconsistencies and fix whatever I catch. I take notes in a separate file at this point or a notebook for things I see that aren't easy fixes, but I know have to happen. This can include extra scenes, character issues, and timeline.
- Keep a checklist and fix one thing on my list at a time.
- Do another read through, see if I have it whittled down to the usual suspects (e.g., extra adverbs and useless words).
- Make a pass for each major thing. One for extraneous words, one for sentence structure, one for world building, etc. Whatever it is I know from past experience (or research) I need to work on.
*One HUGE tip I can offer is this. If you think something might be an issue even for a second... it probably is. Change it now instead of waiting for it to come up later.
When I've exhausted myself and can no longer see straight, or when I keep changing tiny words here and there, I know this phase is over. My "rough" draft is now in decent shape. At least decent enough for next week's step... Oh I'm so mean!