If your purpose was two-fold (to determine what people thought of this idea and spark an animated conversation), success!

I will offer only one comment about "everybody skips the higher priced items and successfully buys a lower priced copy without much effort". I submit that if "everybody" is defined as those knowledgeable of the market (and the vagaries resulting from the ebb and flow of interest), then "yes" I agree. However, the market (eBay, in this instance) is attended by newbies who haven't a clue and will often overpay for items. We could discuss this at length . . .

For the items that one (the books for you, in particular) wishes to track, any compilation would be useful only to those with that particular interest. I don't collect the books (with a few boxed sets of the paperbacks being an exception). So I haven't a clue about the worth of 1st edition, 3rd printing. I have, however, offered comments about the value of various Tolkien calendars to people who have contacted me via my website. You may find it ironic that I based my comments on the hundreds of eBay auctions that I have checked out.

In the end, it comes down to "Do you have the inclination and/or time to do this?" and "Is the result worth the effort?" Only you can answer those questions.

Away from the Green Hill Country,

Parmastahir