That makes a LOT of sense. I just thought that Projects was going to allow us to collect everything - but alas, that isn't so. So I may follow your example and go back to the old way. If it ain't broke...
Re-reading your reply, for which I am very grateful, you may be saying that you use a hybrid file system - both Projects (PM) and keeping other notes, photos, PDFs, etc. in another folder dedicated to the particular project. Is that correct?