Hey Justin, Thanks!!
That worked just as you described and as mentioned, with an existing hit-list, performs pretty decently.
Since I hadn't heard of the feature before (I guess we've been living in a cave...) I checked the z/OS Admin Guide as you suggested, but there's no mention of ARSUSDOC and hardly anything for "Text Search". However, I did find limited documentation in the MP Admin Guide for ARSUSDOC. So maybe I'm not alone, or it was documented/talked about heavily when the feature was first released, or.... maybe it's just one of those "had to be there" kind of things.
Again, thanks!