I do not know if this helps. Hope it does. Sorry for length, (damn writers!).
Formatting is important (I use Final Draft) -- but many incorrectly formatted scripts have been sold and made into successful movies. IT IS THE STORY THAT MATTERS!
I write a lot -- because I love writing (it is not drudgery). Have over 30 scripts in various stages, from rough draft to polished. Some scripts have been worked on for over a decade because I never give up on my ideas (the scripts) or the dream of taking the script to screen (myself). These are movies I want to see!
My personal procedure? I write the rough quickly, set it aside for months then start the first rewrite -- some times it takes years to get to a final polishing. Done? Not even close. Next step, I have my wife who taught legal writing and was a lawyer for over thirty years -- proof the script. Then, I have several librarians read my work. They do it for fun and free (they say they like my stories). They answer several specific questions such as -- "does this sound like anything you have read in the library?" or "who do you see (cast) playing this part?" (our library system is very big on movie DVDs), "if you could change one piece of dialogue or scene, what would it be and why?" and etc.
After I get the script back and have accumulated several on a shelf, I cook, (I like to cook). I make up enough gourmet food for ten people and do a read-through with past cast (from movies I have done over the years) and other filmmakers. Sometimes we can get through three scripts in an evening (cast has a blast too or so they say).
The key is -- I close my eyes -- shut up and listen, (listening is a good thing). Really let actors and friendly film makers dissect the story. The characters. Plot points. Act one. Act two and three... "What? Not enough white on the page?"
Now the disclaimer! No one knows all there is about anything -- especially me, (so I get as many people to critique and assist). Making mistakes is a good thing too, as long as you learn from the mistake and do not repeat it. Rejection letter! Learn from it. Move forward.
Writing is about life, while the script might be 'horrific', the life behind it should be fun -- for life is too short. The more fun something is the more you do it, the more you do it the better you get, the better you get the more positive the feedback, the more positive the feed back, the more fun it gets. Cyclic.
Also, what works for me might not work for you. But I hope this helps. Oh, by the way, I am not rich or famous -- just someone who likes to make stuff, so take what I say with a grain of salt...
Also watch the documentary -- Tales From The Script. Eye opener!