I am wondering if it would help you to categorize things in the Item List.  If you look at the New item window, you can name something then make it a Subtime of a specific category.  

For instance, if you have an Item called LIghts, then items such as flood lights, incandecent lights, CFL lights, and so on would all be subitems of Lights.  Once the word Lights is typed in, a list of all the various lights shows on-screen and the specific item can be selected.

I totally realize that rearranging everything to make it easier to find a specific item would be a HUGE undertaking, but it might save time and confusion in the future...