Setting up the UI in a particular way.

[Bryanos, Costa]

I'm new to Bugzilla (2.16.2)
My company's software is added to about 150 products and growing. I want to
break down the products into a hierarchy so that the user won't have to look
through 150 or more products.
I have two ideas about setting this up and would very much appreciate any
feedback on the best way to approach this.

Approach one
Click on "Enter a new bug report", this page generally has your list of
products in which you select and enter. I was thinking that I could add pull
down menus labeled as general areas. Each pull down menu would have the
products, which relate to that area. I'm not sure the level of hacking I
would need to do to accomplish this.

Approach two
Click on "Enter a new bug report". Now click on a Product Area link. On this
page you can select a specific platform under the Platform pull down menu. I
would have to make each Platform pull down menu different within each
Product Area link. I don't know how I would do that. How can I specify a
different Platform list for each Product Area? 

Is there an easy way to do this that I don't know about? Also, I believe
that there is a limit of 55 products within Bugzilla. Is this true? If so
how can I get around this constraint? 
I'm looking to get this done ASAP. 
Thank you for any input.
Costa Bryanos