I went through this process for a massive amount of Lego and watched a number of tutorials. I do not recommend going by color. Instead:
- seperate the bricks from the plates
- anything 2x2 or smaller should be separated from anything bigger
- big plates and "wings" go into their own bins
- you can keep categorizing based on how many pieces you have. I ended up with 25ish bins.
- bin for figurines and accessories
- bin for pieces with hinges
- bin for wheels
- bin for misc pieces
If you zoom into the photos below, you will get a feel of how it was organized. Ultimately it took a solid week to sort all.of it, but I was then able to rebuild over 80 sets with ease on the other side.