The issue with this is that you have to pre-schedule tasks across all lists, which means you need to go through all the lists to schedule every item - often each day.
The better way to do it is to set priorities on TODO header items in org-mode. This is far from perfect through because you're still manually setting priorities across all projects - which is very flawed.
I think org-mode does this. You can schedule tasks and get org-mode to compile an agenda for you.