You should absolutely not waste space on most of those items. For example, if you already used the key to the sewers you don't need it again. Most of these items can't be sold, because they are too important to the game, but once used, aren't needed further. I store all of these things, but on the off chance you might need something again, it's better not to have things spread all over the game. I use a storage chest in my stronghold to keep items like these. I go back there every now and then anyway, so it works out ok. In BGI and Icewind Dale, I used a chest in a bar or other central location.
Items that you haven't used yet should be kept with you though. Remember, the game won't automatically detect needed items you have stored in a bag. They have to be in your regular inventory. At least, I think that's right.
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