It sounds complicated but with all the programs that have and are being created it will be very simple to do, and should not be an added expense either.
Similar to the dairy database LIC run? There's a lot of annoying things about that programme, and it's expensive to get the most use out of it, but having the data instantly available is a brilliant management tool.
This is the dairy version:
It costs enough that dairy producers who keep beef cattle will record the tags then transfer them out of the system (into 'limbo') so that they don't need to pay the per animal fee each month.