Lea -
I'm going through mine by country. The vast majority of mine are Honduras and Guatemala so I got those out of the way first. I did hire an editor to help me weed them out. For the rest, I'm doing them myself. I've done 20 countries so far and have 47 to go! I'm trying to pick ones that will sell either as stock or prints. The current work, I'm editing as I go along. I used to have two LR catalogs, one for current work and one archival one for everything else. I recently combined them both and find it is much easier not to have to switch back and forth between catalogs. It doesn't seem to have slowed things down at all but I did recently upgrade my computer to one with SSD drives.
I cannot imagine doing this without LR!! They did mess me up with the last upgrade because the new Import will not allow you to import duplicates, but Adobe has promised that they are reverting to the old Import - soon, I hope!
I agree about finding value in previously overlooked work, but I have tried to stick to only working on 4 and 5 star edits or I'll never finish!
Tina