Crafting items into hats is a good idea, even though you need something like 220 items to have good odds of getting a specific hat. I crafted a Pyro's Beanie on my main account, and I'm only one drop away from being able to craft an item on my alt.
I just wish they'd implement trading. I have two Heavy hats, and both Spy hats. (Camera Beard no longer counts as a hat, everyone has one, many people have several.) I'm sure there are people out there who would trade their dupes for my Tough Guy's Toque.