N.W.
It's not "necessary" to have a scrapbook with fancy pages, but it is important for your kids to remember a little bit about each photo later on when none of you can remember where the photo was taken or when!
I say do what my mom did...write a little bit on the back of the photos (so your great grandchildren can read about it), slide them in an album in order and that's it! You can go as simple as who, when and where!
My grandma has an old album of photos and now that she's no longer with us we have no idea who these people are in the photos, when they were taken and where. That's all I really would like to know!
As for art projects, I got a big scrapbook and just put the art projects in the scrapbook (no fancy pages needed!) It literally took me less than 30 minutes to slap them in!
If you can get a friend to help, it might be fun having conversations over your project. She can help you get motivated and everything in quickly.
Perhaps if you take the focus off of the "perfect" scrapbook and more into the "let's just get it done fast" it'll fly by quicker than you think! Divide it into tasks. Maybe start by sorting the pictures into boxes and art into another box. Another day put the pictures in order (you can do this in front of the TV). Another day write on the backs of the photos. And finally put them in the album...they should all be in order by then and be written on so that part should be quick!
Just make sure you buy an acid-free photo album.
Then you can spend your time MAKING memories instead of preserving them!