The Collaborative International Dictionary of English v.0.48:

Streamline \Stream"line`\, a.
   Of or pert. to a stream line; designating a motion or flow
   that is free from turbulence, like that of a particle in a
   streamline; hence, designating a surface, body, etc., that is
   designed so as to afford an unbroken flow of a fluid about
   it, esp. when the resistance to flow is the least possible;
   as, a streamline body for an automobile or airship; -- the
   current usuage prefers the term streamlined.
   [Webster 1913 Suppl.]

The Collaborative International Dictionary of English v.0.48:

streamline \stream"line\, v. t.
   1. to design or modify so as to present the least possible
      resistance to fluid flow; -- used mostly of vehicles, such
      as automobiles, airplanes, or ships.
      [PJC]

   2. [Fig.] to change so as to make more efficient; -- used
      especially of organizations, procedures, or methods. "The
      streamlined company became a formidable competitor."
      [PJC]

WordNet (r) 3.0 (2006):

streamline
    v 1: contour economically or efficiently