This is a very functional way to achieve it, in my opinion.
I already mark documents I want to print and rework longhand this way. Using, quite simply 
as a prefix to the title. (You can use the document icon, but if you want more than one, emojis work in the title itself. There is a ton of emojis available for copy/paste on the web.)
It works fine.
As long as you don’t turn your binder into a Christmas tree, where there is so much of everything everywhere that you can’t make sense of it anymore.
By the way, emojis, if inserted as prefix to some documents’ title, are searchable, and provide an extra mean of filtering things out. (A little incidental plus.)
→ You can set replacements in your compile format to have them automatically removed at compile if you don’t want them in there. (Just have the compile format replace them with nothing.)
As for using labels for progress statuses, see Labels do not work - #5 by Vincent_Vincent