Ngilmore, the solution I've found is to have is three top-level folders: 1) Someday/Maybe (for those "maybe" tasks), 2) Next Projects, and 3) Current Projects (which has sub-folders like work, home, etc.). When I work, I focus on the Current Projects folder (or sub-folder) and switch to contexts view to see what tasks are currently available. This serves the dual purpose of keeping my project view organized & free of clutter, and making the context view contain only those projects want on my plate right now.

Also, like Colicoid, I'd make your single action list into separate projects. A project doesn't have to be something big. It's just a stake in the ground denoting [I]something[/I] you want to get done. I rarely use a single-action list (I find them restrictive and not helpful in planning), but I do find them useful for repeating, individually scheduled actions related to a specific subject. For instance, I have a single-action list called "Computer Maintenance" which has repeating actions like backups and battery calibration. I find this works better than having lots of separate repeating projects all about the same thing.

There are also some instances where I will keep the project in the Current Projects folder but set a start date for the project. This is only for those projects which I will not be able to (or don't want to) work on until a specific date, but at that point I will need to do it.

This strategy keeps my contexts from multiplying. I don't need on-hold contexts (except for one "waiting for" context) to filter out projects that aren't currently on my plate, since all that work is done dynamically by focusing on the appropriate folder(s).