Anitarf, let me introduce Toadcop. He made a system, Toadcop's projectile creator. I don't feel like searching for it, I remember seeing a link at Infrane's PS. And his system allows to create dynamically moving projectiles with effects such as bounce, and other stuff...
I must admit that your sys is easier than TPC, I will not judge is it better, but it's easier.
Toadcop, anytime you need help with english, drop me a PM.