I have attended quite a few of David Allen's presentations. At one seminar I heard a woman say to David in an exasperated voice - "I've got so many commitments. How does GTD help me?" David's answer was that the power of GTD is that it makes you aware of how many commitments you have, but its up to you to decide which you want to keep.
I work in a high-pressure corporate environment where I wear several hats. At most times I have about 65 projects on my project list. And those are just my work projects, they don't include all my personal projects. Over the years I have developed several strategies for dealing with this issue.
One strategy I've tried that has worked pretty well is to identify who each commitment is made too. Some are commitments to my boss, some are commitments to my company, some are commitments to my staff, some are commitments only to myself. In the "commitments to myself" group are such things as project ideas I've had to improve the way my department operates.
For each commitment I ask questions like: what will happen if I don't deliver on this commitment? What will happen if I am late on this commitment? Can I renegotiate this commitment to get a later deadline, less required work, or not do it at all?
Finally I balance the commitments against each other. If it is something I don't really have to do but still might want to do, the project and related tasks move to my Someday/Maybe list. If it something that is important but I don't think it requires any effort yet these also go into my Someday/Maybe list.
Sometimes if I am still really buried under too many commitments for the current week, I will choose only those things I deem absolutely critical, and move everything else onto the Someday/Maybe list.
The Someday/Maybe list (context) is your best friend. It is all those things you need or want or hope to do, just not right now. As long as you diligently perform your weekly review, and re-review this list, you reduce some anxiety about having these out-of-sight.
One final note: For a while I started using the word "commitment" in place of "project". That worked wonders, because it reminded me that all projects, no matter how small, are a commitment to someone, and by putting them on my list I am committing myself to more effort, which is my most valuable resource.
+1 for insight.
I actually identify with 95% of what you've written here. It sounds like our work lives are rather similar, and that we use many of the same tricks.
Good show.