(deb and I were discussing this on LiveJournal, and she suggested I bring it over here for wider input.)
The draft pitch I did is very, very plotty, and I'm left dissatisfied with it, because it's just not a plot-heavy book. No kidnappings, no murder mysteries, no mortal enemies. If I'm any judge of my own work, what makes my story shine is the characterization and the dialogue, and that's hard to highlight in a pitch.
So I'm thinking of changing my approach, spending a paragraph or so on the sketchiest plot summary possible, and then talking about the hero and heroine and how they grow over the course of the novel--the things they learn, what makes them fall in love with each other, and what drives the conflict between them. Maybe even hint at a few favorite scenes--say something like, "I wish I had time to show you the scene where James and Lucy spend a perfect English summer afternoon walking an injured horse home, and the friendship that builds between them in spite of how angry she is at him for flirting with her cousin Portia, or the gothy fairytale setpiece of a ball scene, complete with dancing by torchlight in a medieval castle and Lucy all innocent sensuality in her first ballgown of snowiest white trimmed with blood-crimson red, where James and Lucy first recognize their attraction to each other."
Workable, or crazy?