Yep, give it a go, it beats wedging it between guitar strings. Also, it's dead nifty if you want to swap from plectrum playing to finger playing between songs AND it helps stop the plectrum slipping your of your hand if you're perspiring like mad.
Please make the most of this advice, 'cos it's about as technical as it gets for me I'm afraid. :)
ps. got a new plectrum now, a grey one!
I have to say, I'm a fiend about keeping up with my picks. It must be the OCD in me, but I never replace picks unless they "wear out". I have worn out some thinner Ultem picks - they tend to crack over time. But now that I've sort of transitioned to thicker picks - .8mm and above, I haven't worn any out.
When "should" you replace them? It all depends on what you demand out of them. If you're strumming or playing lead for praise team, I really can't imagine the gauge or shape of the pick would matter too much. But I've started playing some faster bluegrass stuff and the pick makes all the difference in speed and tone. So I can imagine I'll be more conscious of when to replace a pick.
And funny thing about all this - I've tried some semi-expensive picks like Wegens and some of the Dunlop jazz picks and I still go back to the Star Picks from Everly. $4 per dozen or something like that.