Would you like to be able to set your own Statuses against Items but when a User changes it, an approval is triggered before this can be made?

How about defaulting all new Items to be 'Blocked' until approved?

That's the purpose of the Item Status Approvals feature, to allow users to create Item Statuses, default newly added Items into Business Central to a chosen 'Status' and require approval before these can be changed. 

If you're looking for controlled restrictions to Item changes so you can feel safer knowing only approved ones can be used, then look no further. Find more information in the next articles.