Thought I would respond to my own question now that we have completed our upgrade.
The out of box catalog view funtionality work great with one caveat that made them impossible for use to utilize.
Our company does a large amount of purchasing "on behalf of" other users. The person entering the requisition is not necessarily the person the order is for and frequently, it is on behalf of someone in an other organization which drives the line item accounting.
What made the functionality unusable for us is that the views work based on who the requisition is "on behalf of" (i.e., the requester) instead of the preparer. For example, we restrict purchasing of certain items such as gift cards to a select few. However, when they place the order, they can purchase on behalf of anyone. We cannot restrict the gift card catalog items to just those select individuals since the funtionality is driven based on the requester. I cannot think of any reason why it would be designed this way, but we cannot use it for this very reason.