Hi pharmaT,
I have had my results from Ancestry just over a month, and like you was overwhelmed by the shear number of matches. I have adopted the following approach after a few weeks of experimenting.
I have reached out to most of my good/high matches, especially those with trees, just to start the ball rolling on getting connections. On the whole I have had responses from most of them, and have managed to turn at least one into a positive match.
On the moderate matches, I was very ruthless, and if they didn't have a tree, or only had a tree with 1/2 names on it and hadn't signed on for over a month, they got 'deleted' (as I know I get them back if needed).
For the others, I did a quick first pass through all the matches. If they shared any links with other matches, I flagged for follow up, and the same if they had name/place matches. I now intend to go back through all those flagged matches, trying to group them if they have shared matches so that could help narrowing down where the match occurs. I will probably start reaching out to some of these when I have some hint where we might have a connection,
Richard