Personally I just want a separate bait inventory - it already has its own popup window to select a bait when you're on FSH, and Cosmic has shown it's totally possible for them to make a separate sort of inventory for that kind of thing.

Also about the dyes, you can manage an inventory of them pretty well if you don't insist on hoarding Every Single Color. You don't need to keep a stack of the ones that can be bought in the 3 starter cities, and you can save even more inventory space by throwing out the craftable ones and just keeping a stack of the relevant pigment item to craft as needed.