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This contains my first-pass suggestions of how the README could be evolved to summarize succinctly in the top couple of sentences.
I plan a second pass later this week to think about tweaks on the subsequent paragraphs (including their headings).
Note that for the Org overall, one model I have in mind is the SPM org. As shown below, they use an acronym as the title and then spells it out in the subtitle. I have in mind to do the same (can put in request to Pradeep at INCF) and that enables assuming the acronyms are defined for the README headline.