You want to impress the client with your work and the interpretation of his needs. You also want to impress him with the speed of your response.
If you work and work at the website to get it as complete as you can get it, any wholesale changes will be resented. Further, the extra time you have taken to get it right will not be appreciated by the client as well as the possibility that your interpretation is not his.
I try and complete just enough pages to give the client an idea of his website, if necessary using dummy text and pictures on the major pages. Knowing when to stop is not easy and is based on a site by site basis.
The other problem is how to submit the draft. Often, there is no face to face communication. Do you just post the web site draft and inform the client by email? Do you add a short explanation? A long explanation? I often write my justification as the home page text if none is available or add a separate page.
The best way is a face to face without the client having previously seen the draft which also has the advantage that the client’s response can be observed and there is no time for him to develop an entrenched opinion. It’s easy then to discuss the various merits and nip problems in the bud.
If that’s not possible, then a phone walk through is the next best way.