I just figured out how many words I need to trim to get the manuscript down to 165,000 words, and I'm still four chapters away from finishing this version of the revision (which included both story, flow, and word count cuts).
Too soon? :)
This final draft will be only about cutting words and incorporating the thus far minor comments from my beta readers. With luck, I'll start this final draft next week.
(And the answer to "How much?" is cut 13% of the current manuscript, which amounts to about 24,000 words)