This reminds me of a UI pattern I saw in an old iOS comic reader (Comic Zeal) for organizing your comics. You had a horizontal rule that worked as a cursor. You could swipe things to the side (“pick”) to add them to the cursor. You then moved the cursor to the desired location and tapped it to dump the contents (“place”).

My biggest problem with the OP implementation is the “place” button can be far from the “pick” button. Why not just leave it on the moving element - change the label from “pick” to “place” and call it a day.