a good place to get a chest to start off with is to snag the one in jorams basement where you start out.
i, of course, didn't think of this till two seconds ago and i spent quite a while trying to steal one of george's chests.
hey, i'm a thief, i'm just properly roleplaying =)
you might wanna consider having a different chest for each type of item as well.
ie, one for weapons, one for armour, another for potions etc.
no, that's not the system i use. i have two chest that i just throw extra stuff into whatever chest is closest. my floor is crowded with stuff as well. it's hard to walk around my bedroom. =)