It's exactly the algorithm I've decided to implement in one of my projects [1][shameless plug]. And although secret sharing is maybe not directly easy/relevant to implement in their context and for their type of use it would nevertheless be worth investigating what is currently done and is maybe related in the academic papers such maybe as [2]. At least it could give some ideas.
[1] http://coresecret.io/ [2] http://eprint.iacr.org/2013/629