I don't want to make more work for myself, and though I am probably compulsive in some respects, I moderated that in setting up "lists" for LPs. By around 2010 I had somewhere in the neighborhood of 17,000 LPs, comprised of what I had accumulated over the decades, what I bought during the Death of Vinyl™ and what I started to acquire in an effort to get the "best" pressings of certain albums.
I have one master list that is used for insurance rider purposes but it is not detailed to album titles; instead, for example, I have a significant number of early UK Vertigo Swirls- some rare ones are called out, but otherwise, catalog numbers in a range are used. In addition, any record I bought through Discogs, including some rare private and small label jazz, is shown in my "collection" there.
I also use outer jacket covers on most of the LPs- and have those Avery blank stickers which I use to note different pressings- dead wax, country of origin and year in instances where I have multiple pressings of the same album.
Organizing the body of LPs is a different task. I use different methods for different genres. I managed to skinny down the stacks to about 5,000 or so records when I moved from NY to Texas full time at the beginning of 2017. I've probably purchased another 1,000 LPs since then, mainly older pressings. And gotten rid of just as many during that time interval.
I'm less interested in maintaining an inventory than I am in knowing what I have and being able to find it. No system is perfect. I don't want to devote more time to this than I have to--something that probably varies by person/personality.

