This is overall a pretty good strategy.

I’ve done something similar - usually buying tools only when I need them, or when I find something I’ve been thinking about at a great deal used.

I do periodically however take time to straighten, arrange, and fix workflow / storage issues.

(This became important when I purchased at auction from a hardware store closing down 30+ 3 foot tall of bins of hardware - the exact ones used for display in the store - still filled ).