Divide up? Hmm wondering why divide up.
I just throw it in a bag and unravel it all. But no matter.
Item ID is still a bit screwy and I have found the best use for it to be shopping vendors.
If you want to weed out low level items from your loot I suggest first unravelling the bag with a human to knock out all items that would give magical residue.
And of course if you are using the Enhanced Client then make sure you are using a mod from uo.modders-exchange.net. Their properties mod can tell you what is an items weight and give you an idea of what to enhance before you unravel.