Either way your still transplanting. I don't have room for that many plug trays either. I'm planning on building another tunnel next winter strictly for plant starts and I may try plug trys then. My plug vendor sells tomato & peppers in 288's but they only have one set of true leaves when he sells em. It takes me almost as long to transplant those as mass sowed ones. If you make a dibbler it would cut the time a bit more. Something like this
http://www.twobadcatsllc.com/index_files/4280rl.jpg