I'm doing it now. I had 103,000 photos taken over the last 6 years that were piling up. Been going through them since late Dec 2018. What a mess. Am getting a feel for how to do it, but still very time consuming. From the rate I'm going I think it would take 1-1/2 years+ working on it in most of my spare time. So far got through about +/- 3,000 photos. Many require some post processing before I can decide to keep or not.
Storage is an issue due to budget. I'm trying to figure it out as well. I'd like some of the new SSD drives, but too pricey for me for the large ones. If I hit the lotto I will buy one of these.
https://www.bhphotovideo.com/c/product/1339611-REG/wd_wdbnfa0400kbk_nesn_my_cloud_pr4100_40tb.html
I had bought a SSD drive at Walmart and it was broken right out of the box. My regular hard drives have proved pretty reliable.
But maybe I'd do better with some separate drives for back up. I've been using separate drives all along, but it would be nice to have it all in one box.
I just put the photos all in one big file called Master Portfolio. Within the Master Portfolio I have 130 sub categories for the photos. I also have separate files for books I've done. Other than that I don't get crazy with labeling or organizing.
In addition to my own photography I have half a million feet of small gauge film that needs organizing and scanning and working on. And about 30,000 items in my archive of old found photos and ephemera that needs work.
...just too many jobs, no money and limited time to chip away at it.