You have to be careful though. This will probably work well when the transmitting antenna is near vertical, an accidental activation with the airplane sitting on the ramp or ATIS. However if it is a crash the ELT antenna may be at an angle to vertical. If your receiving antenna becomes perpendicular to the ELT antenna during the turn the relative polarity of the transmit vs receive antennas will case a drop in signal that is a result of the ELT antenna angle not the relative bearing between your aircraft and the ELT.
Antenna polarization issues rarely happen in the real world of DFing ELT signals. You won't fly a ground track and exact bank angle enough times in a row to even notice them. And more often than not, if you're flying near any significant terrain (or even power lines) you'll be experiencing some multipath on receive.
(And frankly, most of the time the crash was survivable, the aircraft is vertical or nearly so. When it's not, the ELT antenna is a couple hundred yards behind the aircraft cabin, in the debris field, or smashed under the tail that's sitting on top of it.)
In 22 years of DFing ELTs, I've never seen anyone fooled by an antenna polarization null.
Overall, signal strength trumps nulls every time with ELTs. Blocking the signal with something like the wing of the aircraft or your own body, if hunting on foot, works best. You're never going to match up antenna angles and what-not from a low-level banking aircraft more than once around the circle. And you continually refine bearing relative signal strength, and signal quality when DFing anything, even non-beacons.
Here's some fun trivia... Which polarization, vertical or horizontal, is a radio signal from a vertical antenna that's leaning over exactly 45 degrees?
Or another... Why doesn't antenna polarization matter much on sky wave signals?
(hint: Vertical and Horizontal polarization are a model. They do not match all real-world conditions.)
For a more practical application, what polarization are most FM Broadcast band transmitters, and why? What are the benefits and disadvantages?
I've seen scenarios far more interesting, though... The aforementioned power lines can carry an ELT signal many miles from a crash site, as one example.
A favorite hiding place for one team member of a DF group that's now defunct, during practice searches, was in a metal culvert under a bridge that had high-tension lines running overhead.