Dinah, I know you can delete from the catalog without deleting off your hard drive but I'm not sure about the list you are referring to. You might be talking about that "home" page. I guess the first catagory up top (no color). If that is the one, I leave everything. I also don't put everything into one huge catalog. I have about 5 catalogs total. One is just for everything that has words, phrases, quotes, etc. I have one just for elements and it's pretty packed. I have the key words broken down by staples, brads, photo corners, etc. So many ways to use iView and I guess rearranged things a few times before I found something that worked for me.
Also, here's a tip I learned the hard way....after you tag items do not move them around in your hard drive. Another words, if you have a kit and you tag everything and later on you move that kit into a folder with the designers name or something, the catalog will not recognize where it is and you will not be able to drag and drop. It will tell you that item is not available even though you will still be able to see it.
Hope that last part made sense