Indeed setlists are great improvment for this.Just to say it, personally I don't need to navigate through hundreds of presets live. If you're putting on a show, you can be better organized than that.
What I do want is easy access to a smaller subset. Showing them in banks, with single press access to the presets in the current bank, and close access to other nearby banks, works well for that. I can't imagine knowing the order of hundreds of presets so well that rapid scrolling through all of them would be very useful.
If your main issue is how many characters show in the mini displays, that's mostly a physical limitation, only changeable with a new generation of the hardware. A narrower font might be possible, but that'd only get you a few more characters, max, in exchange for potentially worse legibility.
But sometimes you would play a song out of the setlist. If your presets are well organized this is not an issue to find them.
Having more than 10 caracters is already available on the main screen.