The time has indeed come. Or better said, shoulda done this long ago. And that's as harsh as I'm going to be to myself - I'm doing it now.
Looked up different systems. Chose one that'll work for me. Printed up the cardstock file in the link above from craftystaci's blog. As of last night, I was able to finish about 20% of fabric by cataloging and folding neatly into a uniform size. Can you say time consuming??
I took pieces of fabric that are roughly smaller than 1/4 yard or FQ and tossed them into a big box. They will be organized last - probably not cataloged. Sort of like the broken cookie we eat has no calories...
Of course, I am amazed at what I have collected! And, newly committed to using all these wonderful fabrics that at one time I just HAD to buy. ;o)