Unless you live in Sci Fi future where space travel is magically free, this is a pretty bad deal since sending a pound of spent nuclear fuel out of earth orbit takes 50+ pounds of fuel. Sending all the spent nuclear waste into space would be something like 10 million tons of fuel.

Probably not worthwhile. If you just leave it in orbit you're going to have to track it and worry about debris/micrometeoroid strikes. The ideal would be to stick it in some permanently shadowed crater on the Moon, it'd be a stable environment without wild temperature swings and much lower risk of somehow ending up where people are. But that's a long way to go and a lot more risk to take for now.

Can't wait for one of those launch rockets to explode in the atmosphere!

Economically absurd, much more expensive than reprocessing or fast waste burning reactors.