Yes, it is a long process and definitely well worth it in the long run. That way, if you need a particular instrument, you can find it easilly and quickly.
Another thing you could do if you want to sort them from best to least best is to place a number in front of the preset name so that if you like GRAND PIANO D the best, you can rename it to 001-GRAND PIANO D and 002-GERMAN GRAND etc.
You can always rename them as needed so that 002-whatever can become 009-whatever simply by renaming it then click on SAVE (NOT SAVE-AS) or you would create a second copy.
ALSO---- Use ANALOG LAB version 4 cause it has much better features and presets and it has a "CONCERT" mode (why it was called that, I don't know) but it allows you to create SONGS where you place the presets you want so you can build a song from them. Great idea but I also use it to place the best presets of a particular type so that I have the best synths I've saved and you can move them up or down the list.
Another feature is the ability to create filters (Called FX) for each preset and save them as a separate preset or update the ones you saved.
In their sample CONCERT section with SONG 2, they have a grand piano with: DELAY, REVERB, PARAMEQ and DISTORTION effects which really boost the sound of the instrument. Also available are: MultiFilter, Compressor, Chorus, Flanger, Phaser and Stereo Pan. You can add up to 6 effects and settings for them.
As I mentioned, well worth upgrading to version 4 before you put in a lot of work like I did.