No I tend to put my items back in the inventory when I'm done doing a specific task I had in mind. During most of my runs I quick salvage, which is much better on the console, and then go back to my task. You should have 5 or 4 tabs depending on how up to date blizzard is keeping the game and it's plenty of room,
this picture should help you out.
Here's my current wiz profile. I do mix it up quite a bit, but it's geared for T6 uber runs which which me and the main clan leader can do quite fast or carry our friends through. I use a cold elemental setup and my magic missile and cold hydra can deal out quite a bit. If you want advice on cold setups as you level let me know.
Abuse the blackhole with the damage increase of 3% per hit vs the bigger mobs you will get a big damage that bonus that no passive Nail a mob of any decent like the icon shows and laugh. That's ten seconds of that bonus damage next to a power pylon, conduit, or harringtons belt not that easy to get such a bonus.
Have fun with whatever machinations come to mind and when you can use mirror image with that frost nova 30% you mentioned it has nice results especially in groups.
Those I qualify as legendaries since they become brimstones or forgotten souls.