yes per character. i used to lootfilter everything below a certain value, say 4 silver, which gets rid of most everything, keeping various herbs, ores, cloth, greens or better. But now I say screw it, when I start leveling a toon, he/she gets 4 frostweave bags and starts vendoring everything, the big bags allows much longer uptime/fewer visits to the vendor, but you know that.