Great initiative @dudesahn! But I think the first comment in this thread is very important. I’m all for a more formalised YIP process, the proposed process is good but the proposed timings are too short.
The time frames indicate a lot about the what kind of YIPs are expected from the community. Short timeframes → proposals for smaller issues and potentially even micro management. Nothing stops innovation as much as micro management! As I wrote in the strategic framework for Yearn under efficient governance:
In most democracies we have a four year voting process. What happens in between is delegated. Four years might be overkill for Yearn 
But I would say absolutely minimum one week of forum discussion, followed by at least one week of Snapshot voting. If it was up to me, I would propose one month of discussion and then maybe 2 weeks of voting.
Things that go to voting should be so important that it requires contemplation, and if the vote swings one way provide time for the other side gather votes. Voting should be for important strategic questions, not operations imho.
edit: typo