A preprint format which to first order satisfies all needs can be created with the current aasms.sty style file, using the \tightenlines option (which makes the output single spaced instead of double spaced). I propose the preprint format have as its default single-spaced lines and no page breaks between title, abstract, and main text, since it is simple for the author to insert \clearpage wherever desired. The main differences between the manuscript format and the preprint format, then, would be the spacing default (this should include tables; tables must be double spaced for the manuscript and should be single spaced as a default for the preprint), and the treatment of figures. There should also be a simple Latex command to toggle the preprint format anywhere in the paper between single spaced and double spaced, in case the author prefers to use one spacing for text and another for tables.
Most authors like to include extra information in their preprints along the lines of ``Invited paper presented at IAU Symposium 153, Galactic Bulges, Ghent, Belgium, August 1992'' or ``Accepted for publication in AJ, November 1992 issue.'' The preprint subcommittee prefers placing this information in the upper righthand corner of the title page, and suggests that a macro be created to do this.