Your approach has the obvious benefit of costing little to nothing. If one is willing to spend a bit, this is the solution I use...
https://www.amazon.com/Precision-Def...6JSFRGYD7NPMA5
Room for regular size and deep sockets, held in place magnetically so spill proof, can be picked up with one hand, and the magnetic base allows you to stick it to the side of your tool cabinet if so desired.
Given your EE background, an improvement to your scheme might be to color the rims of the sockets using the resistor color code. For your scheme only four colors would be needed - brown, red, orange, yellow. With the whole rim painted, it would be much easier to see and there would be no need to count dots.
Get a set of these or similar...
https://www.amazon.com/Anything-Perm...s%2C223&sr=8-5
and you'll never need to open a paint can when doing these small marking jobs. (Can you tell that I hate painting?)
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