Depending upon the size and dedication of the team working on the project, your approach is reasonable enough.
The downside is that the requester doesn't have any feedback as to whether or not the suggestion will ever see the light of day.
If you have some tribal elders, it would be worth their applying a swag to priority and impact of the request before throwing it into the queue.
Another option would be to have regularly scheduled review (in Agile: grooming) sessions to review the requests and then prioritize them.
If you can, adding a quick stab at overall effort and a suggested approach can be handy. That makes it easier for less experienced team members to scroll through what's been requested and cherry pick what they think they can pick up.