If you spend more time maintaining/developing/filling-in the mechanisms of the tracking system than actually accomplishing something of value - it is waste (Lean Thinking - philosophy).
There is a point of negative return based on optimizing processes/tasks which are within standard deviation differences each time the task is run...waste (Leading Lean Software Development - book).
As an efficiency super-freak myself, one of the key ways I've improved (and kept my sanity) is by only modifying those things which cause me pain/suffering/annoyance - and not going too far down the rabbit hole of over-optimizing. The rabbit hole usually revolves around trying to optimize the optimizations without asking yourself whether this is really something of value to be working on in the first place. For example, if you spend 7 days trying to devise a more efficient way to write a college paper that would have only taken you 2 days to write in the first place - you have just produced waste (Opportunity Cost - Economics).