I liked the idea of the Huot cabinets for smaller drills (particularly the number sizes) but ended up putting everything into a cabinet. I have a mix of bins from Schaller (link) and the index boxes...and some quality time with a label maker. I only organized by the major type (fractional / letter / number / metric). I don't have a ton >1/2", so those are more coarsely organized. I didn't bother going further - shank type, lengths, etc... For what I do as a hobbyist the organization works great - can find what I use most often quickly and still reasonably quick to find specialty drills.
For end mills and shorter bits, I found that "sports bottle ice trays" to be very effective. You can write the sizes on them with a sharpie, and the storage is denser than most of the trays you put in drawers. They are also stackable.
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