The problem that I'm having is that the example you use has some implications that a more generic inventory system won't have.

For this example, it's easy to reduce name size by assuming 'Plain, not Toasted, no Cheese' as the default, and then only identify the necessary additions:

Plain    - Plain, non-toasted, no cheese
Cheese   - Plain, non-toasted, cheese
Lt       - Plain, Lightly-toasted, no cheese
CheeseLt - Plain, Lightly-toasted, cheese
Dk       - Plain, Darkly-toasted, no cheese
CheeseDk - Plain, Darkly-toasted, cheese

Seeds         - Seeds, non-toasted, no cheese
SeedsCheese   - Seeds, non-toasted, cheese
SeedsLt       - Seeds, Lightly-toasted, no cheese
SeedsCheeseLt - Seeds, Lightly-toasted, cheese
SeedsDk       - Seeds, Darkly-toasted, no cheese
SeedsCheeseDk - Seeds, Darkly-toasted, cheese
[download]

You could probably even subsitute 'Ch' for 'Cheese', and make it even smaller...

In a larger, more generic system, this probably won't work, because there's not a 'default' build that is standard to the whole.

Trek