I using a lot of ableton live right now, so this may not help others, but someone on the ableton forum just informed me that you can just create SHORTCUTS to you dll files!!
So what I plan on doing is:
Search my vst folder for all dll files. Create shortcuts to all of em. Put em in a new folder. Then create new folders within the vst shortcuts folder with stuff like "reverbs," into which i can but the appropriate plugs! And of course you can have as multiple shortcuts to one vst, so its not a problem if one is a reverb and a stereo enhancer, or whatever...
Putting all vst's into groups (folders) you like would be pretty time consuming, but once you did it, you'd never have to again. Or more likely, just put your favorites together, etc. You could sort into: "for tracking," "for mixing vocals," "for drum buss," or "hip hop," "electronic," etc....lots of possibilities.