We were infact using the 80/20 rule earlier but when we got these new products the issue list started growing pretty fast and we realised this rule will not be enough to handle this situation. It was down to 2 main reasons: 1. Our unfamiliarity with the new code base and 2. Not so great a job at testing by the earlier team. So we started trying different ways to bring the situation under control.
We're using a better prioritization process than earlier now and also have someone looking at the issue list, acting as a mediator and it's working better right now.
It does however made us realise that there are some critical testing components missing in our day to day process. Also our debugging tools are good but not that great. Which makes me want to ask what sort of tools/techniques do people use, but will probably start a new thread for that.
Thanks for the suggestions guys.