Yeah, I do something very similar. About 2 years ago my LHBS went out of business and I was there at the right time to grab a ton of hops for next to nothing. As soon as I brought them home I realized what a mistake I made.
From now on, for the most part, I buy only what I need for my upcoming brews. I'll make sure I have some all-purpose bittering hops available and maybe a little extra of some of my most used hops (Willamette, Cascade) but if I buy a particular hops for a one-off beer, I make sure my recipe is designed so that there are none left to store. No more drawers full of open bags, too much of a PITA. Of course, I brew small batches (2.5gal) so it's really not that difficult to keep the inventory trim.
ha yeah, i have to admit, when i make a say stout i do go with a 1lb (the purchasing unit from my online store) as the amount of roasted grain, unless i really want to increase it alot, rather than say 1.12lbs
admittedly, i cant remember a time when ive used old hops stored in a bag in my freezer where i've really thought "yeah these hops do not taste fresh", so i think the pellets have good storage capability if someone does buy them in bulk.
also, my most commonly used hop is basically a noble hop (hallertau, tettnang) because it has the most applications, from a belgian ale, to lagers to even just throwing in some with any beer and they are cheap to buy a lb of.