Our company has used our own models (or McMaster models) of hardware since starting with Solidworks. (early 2000's) In a push to be constantly improving and eliminate mistakes, I am considering the possibility of moving us to the toolbox for fasteners. What are some pros and cons to this? 

Major reasons for doing this: our fasteners are a mess right now. Tons of discontinued parts still used in standard models, five or six different locations in PDM for "standard hardware." Without cross-referencing our inventory management software there is not a good way to know if you are using a standard and still in use piece of hardware.

If we had a toolbox, with all our standard hardware, everyone could be on the same page and it would be much easier to manage the library. Old standard models would be updated when changes are made to them and new models would be using toolbox components. 

I have zero experience with the Solidworks toolbox, so I need some perspective here.