I suppose if there's a 1:1 correlation between amino acid and monomer it would be easy to tell what order things were done in. Otherwise you would probably have to build it up into a codon system.
"alanine on its own represents the white monomer, lysine on its own represents the blue monomer, valine represents the yellow monomer and alanine + valine represents the red monomer"
This latter part is where things begin to break down. How do I know, when I sequence the bar code, that the bead was functionalized with just a red monomer, and not white and yellow monomer or vice versa. I.e, how do I know that 'AVLL' is White-Yellow-Blue-Blue and not Red-Blue-Blue? Unless there was other information provided in the code, it would be impossible to tell these apart using this system.