It is a decent way of doing it, although it is not very efficient. The more objects you have, the more time you spend comparing IDs. The easiest way is to store your object pointers and IDs in a map table (or similar) and remember the last selected object. Whenever you select a new object, you clear the selection flag of the last selected object, then look up the new object and set its selection flag. It requires you to keep a collection of your objects, though.
The time required to update selections with this approach is independent of the number of objects you have.