Yes, this is what I ended up doing. It's not a perfect solution for me though because the item banks are quickly growing in number and I'm having to duplicate questions between banks. This will allow me to have, for example, everything from say section 2.3 in one bank, as well as another bank for each question that I'd like to have multiple versions of. This means the overall section 2.3 bank has lots of duplicate questions that are slightly different, so it's won't be as useful for chapter reviews. Ideally I'd have more categories for each section, such as graphs/critical thinking Qs, but it doesn't seem like this is going to be very practical.
The way I have used Canvas quizzes before let me focus on what I wanted in each quiz, and see the details of each question while building the quiz, as well as easily see how many questions are in that pool. This way requires a lot more back and forth to get an idea of what the final quiz has in it (i.e. I can't see any questions, only notations of what bank those questions are pulled from; furthermore, I can't see directly from the quiz build how many questions are in that bank, I only get alerted if there aren't enough).