WOWZA!!!!!! To say you have a challenge is a severe understatement. I/we are minimalists and follow the principle of "just in time" inventory control (benefit of living within a half hour of stores) amongst other ideologies (small home living).
I dislike the cluttered look of
open shelves clutter. I have the luxury of a nearby large university surplus store - these tall industrial storage cabinets often sell for under $100 and just need a good cleaning:
I like the idea of compartmentalizing. Store all your power tools in one cabinet. Fasteners in another (screws, bolts, etc,). Nice, neat, and keeps the workshop uncluttered, usable, and easy to locate stuff.
I agree on getting rid of everything you don't NEED (vs. want). It might require some psychologist sessions (seriously).
I do create weeks-long big messes when I have an active project (woodworking, fabricating, etc.), but I eventually get everything back in place within a few weeks of completion. Best of luck.