UFO's and getting rid of bad conscience

The UFO that is most likely to be finished once. 

Would it look good with a bow tie instead of regular collar?

Dealing with bad conscience (not working hard enough, not being clever enough, having lazy days at work etc.) is a huge part of doing a PhD, and I've realized that I need to get rid of other stuff that pile up on my conscience. Unfortunately there's a lot of things that piles up, like not doing enough exercise, avoiding housework and cleaning, and unfortunately not sewing and sewing-related stuff also gives me bad conscience! Now, I want to deal with some of that, and I want to know how to tackle UnFinished Objects (UFO's) and Projects Half Done (PhD's)...

 

The PhD-dress to the left would've turned out pretty cute if I just bothered to finish it. But would I use it? The recycle-shirt-draping project to the right was an attempt to break down regular sewing conventions. It will never be completed.

 

The Domestic Diva sorted her UFO's/PhD's into 3 piles based on the probability of finishing the projects: 1) Finish, 2) Reuse, and 3) Dump. Each project is then evaluated and discussed through what the project is, what is the problem, the progress and the plan, and finally the probability of completion. I really like the pragmatic approach, but the third option is one that I struggle with: I hate throwing things away! And throwing fabrics away? Of course there's the second option, but that brings me back to what to do with scraps. Is it OK to throw away UFO's that has a very low probability of being completed? Even the idea of throwing away projects give me bad conscience, so what says thou, my fellow seamstresses?