That sounds like a great idea Laura and Tarzy. You know, sometimes if you used to really like an item, but you find you just don't wear it anymore, it's useful to put it away in a drawer or somewhere you can't see it. Then check on it again next year and see if you like it again. I find that I get tired of things easily, but if I don't see them for awhile and then find them again, I magically think they're great. I don't do this with a lot of things (because then you're not really cleaning out your closet), but good pieces that you just think maybe you're tired of.
When I did my first YLF closet cleanout, I had about 4 things left hanging in there. It was scary, so I know how you feel! That was a hard couple of months while I got some nice things. But before, my closet was so stuffed! It was nice to have a clean slate. And I still make mistakes--buying something that just doesn't work, or getting rid of something that does. I hate clutter, so I'm more likely to jump the gun and give something away than hang onto it. Right now, my closet is full, so I'm trying to replace some of the older/not perfect things I already have. This one in, one out thing is hard, too because you feel like you're just getting rid of good stuff, even though you have something much better to replace it with. I don't want to end up with overstuffed closet again though.
Sorry, long post, but I think you're doing the right thing, and I like your idea of putting it in a holding bag or something before totally getting rid of it.