Document Status Pick List - Enhancement Request

Can you add a document status pick list? When a client uploads a new document to a Smart Folder, I'd like it to default to a status of "In Review". The Project manager would be able to review the document and change the Document to "Approved" assuming it has all the information they need.

I'd also like to see some type of notification or dashboard for all documents that are "In review".

Once approved, I'd like some workflow to notify a project member that the document was approved.