Of course. What I mean to have the plugin automatically add a (customizable) tag when the book is added to the reading list and remove it when the book is removed from the list.
What I'm doing right now is adding the tag "-next read" to books I want to read soon to manually create a reading list. This becomes an easy-to-access collection on my reader. Though it's no big deal to do it manually, this plug-in looks like it could nicely automate (and enhance) the process. Obviously the collection on my reader would lack the nice ordering, but we can't have everything.