Personally I think squawking 1202 makes a lot of sense. On the other hand common sense is not always the FAA's strong suite.
I always squawk 1202 in my Phoenix Motorglider. When I am flying cross country, 95% of the enroute and tower controllers I talk to are completely unaware that 1202 is the national VFR squawk code for gliders. Half the time, when they do know this, they make a big deal about the fact that the National Beacon Code Allocation Plan specified in FAA Order 7110.66E specifies that 1202 is the VFR code for gliders only when "not in contact with ATC". This is the same language that applied to the 1200 squawk code in FAA Order 7110.66D. The latest order fixed this so that 1200 is the valid VFR squawk code whether or not an aircraft is talking to ATC, but the FAA overlooked correcting this for the 1202 squawk code.
I typically run into this while landing at towered airports. I have talked to Steve Nordstrom at the SSA and a couple of other folks at AOPA to try to get this fixed, so the language for squawk code 1202 matches that for 1200. I'm not getting anywhere.....
I would strongly encourage you to visit your local towers and TRACONs and talk to them about this and about your glider operation in general. Most of the TRACON controllers are totally clueless about the number of gliders that are operating invisibly in their vicinity. We regularly see arriving jets flying 4,000 ft over LaBelle FL on approach to Ft. Myers, just 20 miles west while we have gliders in the air up to 5-6K ft. There was also a well publicized near miss at 7,000 ft over Janesville WI between a glider and a UA 737 on arrival to ORD last summer.
When you squawk 1202, the default controller display will show this squawk code (VFR targets show altitude only), so this is a really good way to let controllers know that there is glider activity in the area. However, I would make sure you discuss this with your local ATC facilities and make sure they are OK with using this in a tow plane and that they also understand that there may be a lot of other gliders flying up to cloud base significant distances from their launch points.