With all due respect, that is kludgy, and plays total havoc with the 'Tag Replacement' function.
I gave Direct Tag Referencing a shot on two or three large projects, and have since completely abandoned it as an unmaintainable waste of time. I know there are other opinions, but really... I can't stand it.
I generally use the Import/Export utility (which, of course is partially broken) and fix up the imports in Excel. Then I can use the same tag database to import to ME and SE projects. Then I go ahead, and create most of my displays in ME, so they are importable to SE... The whole system is actually pretty kludgy
Oddly, I do use direct referencing for almost all of my VBA database work, but there I'm working with code in one defined place.