Neal, I'm not sure how that would work. With pollen secured in gel caps, you can toss several gel caps from different pollen parents all into the same baggie.
If you are using Qtips to collect pollen, and then cap the Qtips, the cap could fall off, or pollen could maybe fall out. To keep control over the pollen ID, you'd either have to put each pollen Qtip and gel cap top into a different Ziploc bag (or pill bottle, or what have you), or else maybe wrap some foil around the whole cap+ Qtip shebang, to make sure that the gel cap top doesn't come off the Qtip (and/or that any escaping pollen can't get into another gel cap).
Your method, though, might solve the problem of how to use the stored pollen to pollinate the pod parent. Otherwise, you'd have to get a tiny brush or something to transfer pollen from the gel cap + cotton, onto the pod parent. (And then you'd need a new clean brush for each pollen parent. Unless you used Qtips for the pollen transfer - a method which I'm not sure how well it would work.)