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Obviously will differ shop to shop (for example I’m presenting to 8 people at most, not a crowd as you suggest in your post) so the best thing you can do is ask someone who is more experienced and seemingly good at presenting what they would suggest.

Personally, I do the following when preparing for IC:

-Write a script. Not an outline or a couple bullet points, but an entire script. I do not say a single word during my presentation that is not written out beforehand. That way I can really think things through, present it in the exact way I want it to be presented. I would rather it sound rigid and scripted (which it obviously is but it honestly doesn’t sound that way if you write it well) than have every other word me “um” or “uh” and say dumb and incoherent things.

-the above is even easier to execute on zoom (idk if you’re still wfh). If that’s the case, don’t even look at anyone else. Just have a word doc script on full screen and you’ll forget there are people even watching you.

-anticipate questions before hand and come up with prepared responses. If there is a part of your presentation that you think someone will ask about, prepare for that. This is definitely the hardest part but try to look for things that would pop out to someone who is hearing this for the first time.

-do a practice run with a colleague, preferably one who is more experienced. Have them ask some questions that you can add to your list

I presented numerous times to IC as an intern, ~25 people on IC. Know your shit cold, know all the metrics they might ask, have the strengths and risks/mitigants memorized, keep it shorter than longer. I liked to have a bullet point list while presenting in case I forget.

 Biggest area where I saw people mess up was in not remembering the numbers. Have them written and ready in case they ask numbers you didnt mention.

Be confident and if anyone asks something, pause for a second to collect thoughts and say your answer slowly so you can think while you answer. If you don’t know the answer then say its a good question and that you need to investigate and ask if anyone has any ideas. Jot it down , move on, after IC get on it, then send followup to the person who asked. You are probably on the deal with a VP+ and I’m sure they wouldn’t mind you practicing running through the pitch with them. Ideally the guys in your “pod”/deal team want the deal to go through.

Be comfortable asking questions when people present as well in general, think of questions well before asking. Usually people will send the memo by email before they present so you can have a look before.

If you’re new its expected you won’t get it 100% but as long as you don’t completly fuckup most people wont realize.

As far as scripted versus conversational, it really should depend on the firm's IC culture and transparency through a process.  The two funds I've worked at have been on opposite ends of the spectrum and much of it has to do with the culture around actually reading the memo in detail before the IC versus showing up and expecting a full explanation.  Some firms also have less transparency around deal team activity and others may not be up to speed so approach should be tailored 

Some tips that have helped me:

- Have a general outline of topics (or exact script if preferred) of the topics you want to hit; I try to spend the couple days between when the memo goes out and the actual IC to practicing delivery aloud during my drive to/from work to not come off as rigid

- Focus the conversation on the topics that are hot button issues/material points - don't waste time on company overview stuff if you know everyone has read the memo and is up to speed and best to confer with principal before on where you should focus or specific points to hit

- The IC is not smarter than you. You're the one who did the diligence and helped form the opinion/thesis. Be confident in your opinions when challenged. The amount of BS I've seen senior guys throw around at IC made me realize that a lot of it is just pomp and circumstance and if a deal is in final IC, it probably already passed everyone's sniff test.  

These are all great points. Preparation is key.  Outline the high points, you should assume the IC has read the materials so just cover the top 2-3 risks/mitigants. Keeping it brief is easier for you and for those listening. Rehearse a few times so you don’t even need to read your notes  (but they’re there if needed - especially if zoom).  
 

If that doesn’t help, look to Xanax and propanolol.