If it's Blue, its a Collectible. In that case, use it to get credit towards the Achievement point, and ironically, it will leave your inventory freeing up that bag slot.
If it's Green, then it's a Trophy and then, well, decide if you want to hang on to it or toss it.
Enjoy the game, life is what you really want to be worried about.
PakKat "Everything was going well, until I died"
Gary Gravestink "I am glad you died, I needed the help"