Everything has a specification (a certain size, certain tightness or torque, a certain space or clearance between two things, etc). This list of specs and materials is the "blueprint" of the item. In manufacturing every spec has a window or tolerance where the item's measurement can be and still pass spec (must be between .070" and .090" or something like that). On some items this window may be large and still allow it function relatively well though too tight can be just as bad or worse than too loose.
Blueprinting something means to measure all the specs and either replace parts or modify them so that they will conform to perfect parameters of the "blueprint" or as near as possible. The trick however, is knowing what the perfect parameters are. Sometimes it is in the middle, sometimes it would be on the tight side and sometimes the loose side. You need someone with a lot of experience and expertise to do this so they know, as well as some other tricks to make it even better than what the manufacturer could make even if they did use perfect fitting parts.