A method for managing a storage system includes monitoring the storage system to obtain a set of input/output (I/O) telemetry entries, determine a workload signature based on the set of I/O telemetry entries, obtaining, based on the workload signature, a set of performance metrics, performing a parameter analysis to determine a set of alternative storage system parameterizations, based on the set of alternative storage system parameterization, generating a set of alternative performance metrics, updating a performance index structure based on the performance metrics, and the set of alternative performance metrics to obtain an updated performance index structure, and initiating a storage system update based on the updated performance index structure.