That's pretty much what I do too. I turned a tiny plastic mesh bag into my throwing bag. It had garlic in it originally. I folded over the the top and sewed to make a channel for string, which is leftover cord from a broken vinyl window shade. The throw line I'm using is 50' of Zing It, which was about $11. When it's not being used, it's packed into the throw bag with it's biner and tossed into the smellables bag.
Bears aren't a problem in any of the places I've been either, but I know how ruthless racoon and other small animals can be, so I choose to err on the safe side.
And speaking of hanging food, I've been using the PCT method because it's easy, but I've noticed a lot of folks using the counter-balance method. Is there any compelling reason I should switch?