Use of Applicant Lists

We are considering using PeopleSoft Applicant Lists to do things like "tag" an applicant if they were a high potential candidate, had an offer accepted but then backed out, or were a previous employee etc. We were also considering using applicant lists similar to using folders to group employees with a certain skillset or experience into one group to easily find applicants and invite to apply for open positions.

We are noticing that there seems to be limited functionality when searching for applicants in a list. For example, if an applicant is in multiple lists we wanted to be able to search the applicants name and have all the lists appear that they are associated with. With limited search functionality, we are wondering if we are trying to use applicant lists in a way that they are not intended to be used.