The question here is, even if I consolidate the UTXO, I still would like to have these tags separated. My use case is just have funds for specific things separated. I don't care if is only one UTXO for all these funds.

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So maybe could be better to have really different accounts for separated funds. And the label/tag thing be something extra to deal with the UTXO's.

I don't use a bitkey but it's an available option on most hardware wallets, that might not be the case on a BitKey, I've no idea🤷🏻‍♂️. Good luck, friend.