Thanks for pointing me in the right direction. I have started testing with PCID and it seems to fit the bill very well.
One more question: Is there any serialization involved in your use case? The one issue that I have run into with PCID is the serial number carrying over to the shipment. When I do the picking process and select a PCID, it asks me to enter/select serial numbers to track the serialized parts moving to the PCID but when I enter that PCID on a shipment and it generates all the lines, I have to select the serial numbers again (I would have thought the serial numbers that were moved to the PCID would have automatically carried over onto the shipment). Not sure if this is a bug or intended functionality.
Thanks again!