GET OUT WHILE YOU STILL CAN! MADNESS AWAITS THOSE WHO VENTURE HERE!
I'm just kidding. Well kind of. Collecting can be very overwhelming when you first undertake it.
The most important aspects in the beginning are as you suggested deciding what you do and don't collect.
I would suggest trying to focus your collecting on no more than 3 franchises you like assuming you have some game franchises you really love. If not, then just focus on CE's or figures or steelbooks etc.
Trying to get everything will drive you nuts
Trust me I know