Well, according to this Link, the glitch you explained is not shown there. But, prior to This Link, it shows a glitch similar to the one you explained. Here is the quote:
Also in Generation I, any Pokémon can also be raised to a level above 100 via the Pokémon merge glitch; however, Pokémon in the Slow experience group need to be merged with a glitch Pokémon who requires even more experience at level 100. These Pokémon can continue to be leveled up with Rare Candies until level 255. Whenever a Pokémon over level 100 gains any amount of experience, its level will revert to 100, and if a Rare Candyis fed toa level 255 Pokémon, it will revert to level 0.
Maybe this glitch is still in Gen V, but just not confirmed.