List of fields on "Entity has field" condition is extremely difficult to use

I have 3 usability concerns with the interface for this condition:

1. The list of fields is too long, and is in no particular order
   On the modestly sized site i'm working on, the list has 185 in seemingly arbitrary order
2. The list of fields displays machine names
   Yes, machine names are unique, but labels are meant for labeling
3. Most of the fields are not relevant to the selected entity.
   The list should be limited to only those fields that are already associated with this entity.

To me, this is an important issue since I find myself using this condition significantly more often than any other.

An ideal solution, in my opinion, would be a two- (or three-) step process:
1. select entity (or entity type)
2. (optional) select bundle, if not apparent from the selected entity
3. select from only those fields which are actually associated with the entity and bundle.
Since the list will be so much shorter, radio buttons with labels and descriptions might even be appropriate