Slightly different implementation, but will do what you want:

[LaunchBar][1] keeps a history of your clipboard, so you can copy multiple things using the usual keyboard combo <kbd>⌘</kbd> - <kbd>C</kbd> and then paste them using (for me, I may have changed from the default):

 - hold down <kbd>⌘</kbd>
  - tap <kbd>\</kbd> to view clipboard history
  - tap <kbd>&#x2193;</kbd> until desired clipping is selected
 - release <kbd>⌘</kbd>

I've found it to be a pretty useful workflow. I do have to flush the clipboard history after dealing with passwords though. I keep it set at 10 items to limit my exposure if I forget.

Launchbar is free to try and $35 to buy. 

<sub>I'm not sure how they limit the free version now, but back before I bought it they let you do five activities per login, so you could do the copy, paste, and clipboard history deletion without running into the limit</sub>


I do not use it because I've found Launchbar to be more useful, but it looks like [Alfred][2] includes clipboard history in the unlimited free version.

Based on the screenshot it looks like Alfred uses shortcuts closer to what you wanted. 

  [1]: http://www.obdev.at/products/launchbar/index.html
  [2]: http://www.alfredapp.com