Oh I have made friendship bracelets with metallic thread before. I love it but it turns out very stiff if that's the only kind you use. So can be good for some thing's though.
As for keeping all the threads neat and tidy this is how mine is orginised.
It's all in a little metal "suitcase" so I can hold scissors, a tape measure, my finished bracelets, and all the threads that wont fit into the plastic organiser on the bobbins are warped up in the plastic bag on the left so they wont get all messy.