Picked up items should be counter-proportional to your clearspeed. The faster you become, the more picky you should be about your items. New players and slow builds (which is fine, there's HC, SSF, builds that clear slowly, but can tackle ilvl84 content) will lose more by skipping a lot of gear than you'd win.
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The key question becomes "how many monsters can you kill in the time, you'd need to pick up, ID and take care of an item". This varies a lot.
I think a good rule of thumb is to never go back to empty your inventory in a map. If you don't pick up anything - that's not quite optimal either.
Most of the time wasted is actually in the hideout. If you want to be effective, you need to minimize downtime processes in the first place.
Decisions should be largely influcenced by the item quantity, map tier, farming goal, sextants, chisel strategy and zana mods you run. Large group can make all of those pay for themselves. As a single play, this is not always the case and you need to adjust your looting and map rolling habits accordingly.
Run Trade macro and mercurial trade for maximum efficiency. Adjust any filter to your own preferences.
Crafting is actually exceptionally good this league. The new shaper/elder mods are super-powerful and good combinations are decently easy to hit. Rolling something like helmet #3 is surprisingly easy. However, people should be aware of their odds. A better rule is: do your research before crafting. Go on Poe-DB, check what the itemlevel can roll, check the prices and ask yourself if you want to take the risk. Be aware of other sellable products, don't roll over them.
T1 bases are overrated. Honestly. This especially applies to boots, gloves and helmets. I find especially gloves/boots to sell quite well in all stages of the game. If a T3 body armor won't sell with some rolls, a T1 body armor won't sell either.
Some classes are harder to sell than others. Body armors, 2Hand weapons are poor pickups right now. They're large and inefficient.
Don't burn yourself out. The game can be played veeery differently. A lot of legacy league players (myself included), found themselves totally exhausted. To be efficient you had to prepare 5-25 identical maps, prepare sextants, chisel them, roll for quant, check for TC-reflect-yadda, roll again, prepare leaguestones, potentially prepare fragments, consider zana mods, sort out your HUGE quad stashtab full of sortable loot... and finally play the maps with your super fast, while machine gun readding sextant, leaguestone and zana mods, while having mass quant builds for 15 minutes, before repeating those steps for another 25. This gets boring and horribly annoying really fast.