Unfortunately, the OTP is always as large as the encrypted data. So strictly speaking, this is not really "encrypted data + password" but more of a "split data into two random-looking parts". In particular, this is nothing you can keep in your head or print on paper.

You'd have to keep it on a separate storage medium. And if you have to hand out the done medium, what's preventing them to get your second medium? And if you are able to keep that second medium secret and safe, why don't you store the whole unencrypted data on it in the first place?

Either way: OTPs are really cool, but I don't think they have any relevance here.