Please tell me someone has at least a second draft of a monster manual done.

GURPS Fourth Edition won't be getting a single, monolithic bestiary or monster manual. The plan is for one or more series of PDFs with a few dozen creatures apiece. The final, edited draft of one of those is done . . . that's what GURPS Dungeon Fantasy Monsters 1 is. There will be other GURPS Dungeon Fantasy Monsters PDFs, and hopefully some GURPS Bestiary PDFs, someday.