Here is some excellent advice about submitting manuscripts from Mike Kaspari:
What journal gets the first peek at your manuscript? Results from a year of ruminating.
I don’t agree with point 3 about shopping a manuscript around – I think some manuscripts are strengthened post peer review. Nonetheless, sage advice. His benchmarks are great – currently I’m spending 100% of my time revising manuscripts and it is driving me insane….30% is an excellent goal.