javagirl87, I'm doing something similar as well with my lipsticks in particular. I have an acrylic lipstick tray that houses 24 tubes. Since I have waaay more lipstick than that, I decided to choose 24 (different colors, formulas, brands, a couple of faves, and even some lip balms) and put it on display on my makeup dresser. And I use strictly those until one runs out and I can replace it with another from my stash. It's still taking a while to go through, yes, but I like having the variety, and it's helping me make a wider dent in my stash. The rest of my lipsticks live in drawers, and before I came up with this little system, I would get flustered trying to pick one color and then just end up using the same one everyday.
Some things I've observed: YSL lipsticks and MAC Sheen Supremes are not very hard to go through because they are so soft. Ditto with Urban Decay lipsticks (now discontinued) lipsticks, which aren't soft, but I really loved certain colors, so I just used them more. My matte shades take longer to go through because they're more pigmented and/or they tend to be more drying so I don't reapply as often. I've also learned that I am definitely a lipstick girl over a gloss girl. I don't have nearly as much gloss as lipstick, but I certainly have a lot. But lipgloss generally has been the easiest thing to not buy because of this, and I've only accumulated the newer ones I have through beauty subs.