I don't know anyone that does this. I would try and breakthem down into KeyWord groups, with anywhere from 5 - 100 KeyWords in each.
For example. Say you are promoting a dog training course.
1 AdGroup may contain any KeyWords that have "Dog Training" in the KeyWord. Another may have any KeyWords that have "Dog Trainers", etc.
Hope that Helps,
C.K.
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