Remember that your first draft of a job market paper isn't the final draft. Having said that, your job market paper is vital both for selling yourself to your advisors (for recommendation letters) and to the market. Unless a "draft" is good, it's going to cost you. And sometime in November you're going to start missing out on opportunities for interviews at the meetings. At some point, you may choose to delay going on the market for a year.
Minor suggestion: Some amount of writing can take place in parallel with the analysis.
Major suggestion: Go talk to your advisor...NOW.