For tags (or keywords), I do photography, so I could create a dozen sets of keywords and apply according to which type of photo I post. ie. People, product, fashion, beauty etc. Or I could just create a monster list, everything and the kitchen sink -- which would kind of be lot easier and just put all of them in with all posts. Any downside to that strategy? thanks.
Don't think of putting all eggs in one basket. Be specific. If you want make a website on "kitchen sink" then put content related to kitchen sink only. If you put everything in your site, then visitors will get confuse and will not get the purpose of your site.