I think it is important to move away from this incorrect idea that proportionality is a tit-for-tat/death-for-death set of numerical values. Legally, proportionality in war is a cost vs. benefit ratio: incidental harm as related to the military objective.
Israel's military objective, given the enormity of the evil perpetrated on them, is to eliminate the possibility of Hamas conducting attacks like this in the future. This will entail destroying all of the intelligence, material, and infrastructure used to commit attacks, as well as killing or capturing a large percentage of the combatants. Then maintaining military control and blockades for a period of time to prevent re-supply. All while minimizing incidental harm.