
I've found that if a project or reference area needs two categories it will probably need more soon so I keep several blank tabs or binder dividers at my desk (I prefer the Avery Clear Label Index Maker Presentation Dividers designed for laser printers). I also keep a shortcut to the Avery template Word document on my desktop so I can quickly go into the file, type up the new labels, and then print and apply them in a few minutes.
I find that flipping through large files with several pieces of paper that fall into multiple categories is not the most elegent way to respond to a question. However, when you are consistently able to turn right to the right piece of paper at the right time in a meeting or when someone stops by your desk your credibility goes up.
Incidentally, the GTD idea of keeping a small labeler at your desk for files also applies to binders. It just makes things look more organized when the spine of every binder has a uniform label.

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