I manage files in an organized manner as you are doing with the library path.

Because I have Delphi 5 and BDS 2006, I have three seperate library directories. One for D5, one for BDS2006 and one for components that can share a common source:-

Code:
BDS 2006 Specific

C:\Components\BDS2006\Imaging

Common

C:\Components\Common\ASqlite3Components
C:\Components\Common\DCPCrypt
C:\Components\Common\DWSI
C:\Components\Common\Indy 9
C:\Components\Common\JvUIB
C:\Components\Common\Library
C:\Components\Common\MD5
C:\Components\Common\MyComponents
C:\Components\Common\SynEdit
C:\Components\Common\TPAbbrevia

Delphi 5 Specific

C:\Components\D5\CoolTrayIcon
C:\Components\D5\DWSII-1.0
C:\Components\D5\Indy 9
C:\Components\D5\Library
My library path for BDS 2006 looks something like this (obviously this is straightened out):-

Code:
$(BDS)\lib;
$(BDS)\Imports;
C:\BDS2006\RaveReports\Lib;
c:\documents and settings\<USERNAME>\my documents\borland studio projects\bpl;
C:\Program Files\madCollection\madBasic\DeXter;
C:\Program Files\madCollection\madDisAsm\DeXter;
C:\Program Files\madCollection\madExcept\DeXter;
C:\Program Files\madCollection\madKernel\DeXter;
C:\Program Files\madCollection\madSecurity\DeXter;
C:\Program Files\madCollection\madShell\DeXter;
c:\components\common\library;
C:\Components\Common\DCPCrypt;
C:\Components\Common\DWSI;
C:\Components\Common\MD5;
C:\Components\Common\MyComponents\D2006;
C:\Components\Common\MyComponents\Source;
C:\Components\Common\SynEdit\Source;
C:\Components\Common\TPAbbrevia\source;
C:\Components\Common\JvUIB\source;
$(DXVCL)\ExpressCore Library\Sources;
C:\Components\Common\Indy 9\Source;
$(DXVCL)\ExpressNavBar 2\Sources;
$(DXVCL)\ExpressSideBar\Sources;
$(DXVCL)\ExpressBars 6\Sources;
$(DXVCL)\ExpressQuantumTreeList 4\Sources;
$(DXVCL)\ExpressDocking Library\Sources;
$(DXVCL)\ExpressSkins Library\Sources;
C:\Program Files\Addict3\Source\d10;
C:\Components\BDS2006\Imaging\Source;
C:\Components\BDS2006\Imaging\Source\Extensions;
C:\Components\BDS2006\Imaging\Source\JpegLib;
C:\Components\BDS2006\Imaging\Source\ZLib;
C:\Components\BDS2006\Imaging\Extras\Extensions;
$(DXVCL)\Library\Delphi10;
$(DXVCL)\ExpressCommon Library\Sources;
$(DXVCL)\XP Theme Manager\Sources;
$(DXVCL)\ExpressGDI+ Library\Sources;
$(DXVCL)\ExpressLibrary\Sources;
$(DXVCL)\ExpressDataController\Sources;
$(DXVCL)\ExpressEditors Library 5\Sources;
$(DXVCL)\ExpressPageControl 2\Sources;
$(DXVCL)\ExpressExport Library\Sources;
$(DXVCL)\ExpressQuantumGrid 6\Sources;
$(DXVCL)\ExpressMemData\Sources
It used to be a problem to have such big library paths, but these days it doesn't seem to matter much. Certainly when I was using Delphi 7 at a previous job, the library path was huge.

Of course the other thing to do, is only install what you need. This reduces load time, and makes the IDE less bloaty.