Completely stateside I assume? 

Navy?

Latest technology?

I can only tell you what mine is.

There is no "properly sized" military.  That would depend on the parameters you use.  Now we are using the "war on terror" must be able to respond to any threat no matter how ridiculous the assumptions of that threat are.  Take Iran for instance.  They are of little threat to us.  Yet our political establishment beats the war drum.  I would size the military to what we can afford based on what the people have taken for themselves from the budget.  A 20% cut would be a good start. 

Completely stateside?   I would bring home most all of our overseas troops yes.  SKorea can take care of itself.  Japan (after allowing them to change their Constitutiton) can take care of itself.  Germany and the rest of Europe can take care of itself.  I would however keep some naval bases as real need suggests.

Navy?  The navy would be cut the least under my proposal.

Latest Tech?  You can go bankrupt and hide alot of folly in the search for the latest tech.  Is our air superiority at risk anywhere in the world?  Is our naval superiority at risk anywhere in the world?  The answer to both of those is no.