So I love the idea of being able to bury items, but it becomes quite the chore to manage those items, even with multiple "sorted" burial spots. Having to dig it up, add it all to your inventory, pick the one item you want, drop the rest back down and rebury it is... not fun! This is made worse by the fact that space in our backpacks is so limited; there's only so much we can pick up at a time while looking for that ONE item.
Taking the idea of player-crafted storage boxes even further... what about adding the ability for us to bury them using the existing mechanic? Craft the box, place it in its final position, fill it with the loot that you just pillaged from TheBassernator's house, stand on top of the box, use the shovel to bury it.
This would allow us to better manage our loot and more easily retrieve the one item that we're looking for. It might also be easier on the back-end. Instead of having to keep track of where every single item is buried, you'd only have to store the coordinates for the buried storage boxes.