Often I find horses that can "do it all" (especially at the open show level) really are just mediocre in a bunch of things.
Mildot, I think you are confusing the open/local level "all arounder" with the breed show AAs. A TRUE breed show all-around horse is definitely a hot commodity, and can cost quite a bit of money. These are the horses that go all day and stay strong. Showmanship, HUS, HSE, sometimes the hack, WP, WH, WR, Trail. Those are the main classes the AA horses go in. And to be competitive at the breed show level in those classes takes a lot of horse, a lot of time, and a lot of work. A horse that can do all of those classes and do it well is a very special horse.
To the OP, I feel that you should judge your horse without rose-colored glasses. How deep is the competition at your current shows? If you are planning to step up to a higher level of competition, then you need to choose the field that your horse most succeeds in and go from there. If he's not a good hunter, then get out of it and focus on developing a stronger western horse and vice versa. You need to judge your horse's abilities without bias.
Completely understand. I try to be honest with my abilities and my horses. He's awesome for local stuff, he's fun to ride but he's not going to be and eventer, I am not going to jump him. He's not cowy enough to be cutter. He's got to much knee action to be an AQHA show horse. I have used him nearly to his full potenial and in my eyes he's still perfect. He's got some more head way in green reining so I am trying to work him on reining and english pleasure.