With custom post types | taxonomies available, there’s no reason to mix portfolio projects with blog posts or portfolio categories with blog categories. Really.
Each custom post type | taxonomy provides the appropriate User Interface. In result, the editing process is more intuitive with no unwanted bloat.
Don’t think about the underlying structure anymore, just provide a good content. The « content is king » philosophy is really what matters.
Easier customizations, less dependencies, better extensibility & no more tricky solutions. We just use the right tool for the job.