Bloodthirsty Pirates Dividing Treasure

From Rule0/Riddles (this page).

Five pirates have to divide a treasure of 1000 coins. The pirates have a ranking from highest to lowest. This is the system the pirates use to see who will get how much treasure:

  1. The lowest ranked pirate proposes a way to divide up the treasure.
  2. The pirates vote on the distribution scheme.
  3. If more than half of the pirates vote yes, the treasure is divided as planned.
  4. Otherwise, the pirate who proposed the scheme is forced to walk the plank, and the next lowest ranked pirate proposes a scheme.
The pirates have the following traits:
  1. They are perfectly logical.
  2. They are greedy and will vote to maximize their own treasure regardless of all other considerations.
  3. They are bloodthirsty and, all other things being equal, will vote against a proposal.
What should the lowest ranked pirate suggest?