I've now cut about 5,000 words from Stag in Velvet, and it seems to be holding together on the reread. I still see a lot of stuff that needs to be changed, but after this round of revisions I'll set it aside to age a little.
I started a new story yesterday. Well, I have two paragraphs of a new story written, but that doesn't sound as impressive. I don't really know where the story's headed; I just have two characters and a situation and that's about it. Once I finish with the Stag in Velvet revisions tomorrow, I'm going to focus hard on the story. It has promise.