I spent a lot of time researching this question before teaching algebraic geometry this fall. The goal here is a one term (3.5 month) course from the ringed space perspective that would prepare people for a second course on schemes using Hartshorne or Vakil. I assumed prior exposure to commutative algebra, but not mastery, and no analytic background. I figure I'll share my research here.
I started by brainstorming what I thought was a minimal list of topics:
1 The correspondence between ideals and varieties
2 Localization
3 Projective geometry
4 Classical examples (Grassmannians, flag manifolds, discriminants, etc)
5 Finite maps and conservation of number
6 Blow ups
7 Dimension theory
8 DVRs and local geometry of curves
9 Differentials and derivations, regularity. I later discovered that many courses split this into 9a: Zariski tangent and cotangent space and 9b: Global properties of 1-forms.
10 Normality and normalization
11 Global geometry of curves
I should mention that this list is inspired by an amazing course I took from Brian Conrad which; as I recall, covered all of these except 4 and 5, plus sheaf theory. Conrad has notes from a similar course online here but I found it difficult to verify (or refute) my memory from his notes.
I then went through a number of courses I could find by instructors I respected to see what they covered. Here a minus sign means that a topic seems to have been touched on briefly but not in a detailed way.
Karen Smith 1 2- 3 4 7 9a 6 8 10- 11- 9b Also does Weil and Cartier divisors.
Dragos Opera 1 2- 3 7 9 10 6 5- 11-
Ravi Vakil 1 2- 3 7 9a 8 10 11 9b Also does non-discrete valuations and completions
Igor Dolgachev 1 2- 3 5- 10- 7 4 9 11
Shavarevich's textbook 1 3 7 4 2 9a 6 10 9b 11
Milne's textbook 1 2 7 9 3 4- 10 5 6
What I got from this: My list is too large to cover in a term; you need to choose a subset of this. Everyone seems to agree that 12379 is the core, and almost everyone goes in that order. Almost no one does what I would consider a good coverage of 5. (Sample challenge: Suppose that I hand you the computation that the Fermat cubic has $27$ lines and that the corresponding correspondence variety in $G(2,4) \times \mathbb{P}(\mathrm{cubics})$ is smooth over the Fermat cubic. Do the students know enough to deduce that the generic cubic surface has $27$ distinct lines? For a classical enumerative algebraic geometer, that is the point!) 11 is frequently chosen as the climax of the term.
My own course in progress has day by day notes here. If all goes according to plan, I will cover
1 2- 3 5 4- 7 9 8 10-- 11