Building entry collections with EE2 and Taggable?

I want to build a lightbox-like collection or favourites folder system to allow a member to add selected entries to multiple collections.

Solspace’s Favourites module unfortunately only supports one Favourite list per member. I’ve been looking into Taggable (http://getsparkplugs.com/taggable) instead.

Here’s the idea:

1. Images saved as individual channel entries.

2. When a member adds images to a given collection, each selected image entry is tagged with a unique tag (probably combining the member ID and the collection ID)

3. When viewing a collection, all entries tagged with the collection’s tag will be returned.

4. Removing an image from the collection will remove that entry’s tag for that collection.

In theory, I think this will work.

Anyone have any other ideas?