This seems like it would take a lot of time to implement and maintain. Isn’t this overkill?

Implementing and maintaining are two different things. To capture, larify, and organize a lot of old backlog and set up a system from scratch may require two or more uninterrupted days of your time and focus. (Though we have never had anyone say that process wasn’t worth every minute of the investment!) Once you are current, it does require time and energy to keep it maintained, processing and organizing everything you collect (typically from 30 to 90 minutes each day). But what’s the option? It will take you at least that long, whenever you do it. It takes a lot more time and effort (and creates a lot more stress) to continually rehash the unprocessed stuff.