To me, this extra property is inappropriate. It adds an extra layer of semantics on top of OData; which requires extra understanding and extra coding to deal with. It only adds accidental complexity, it leaks a backend implementation detail to its public API.
The OData querying interface should be enough to describe most situations. When it's not enough, you can create service operations to describe extra business semantics.
So, for example, this:
/Orders?$filter=Request_Code eq '0022' // The orders requiring approval and the current user can approve them
/Orders?$filter=Request_Code eq '0027' // The orders with the open status
Could become this:
/GetOrdersRequiringApprovalFromUser
/GetOpenOrders
Also, for the update logic, OData already supports updating individual properties.
So, in sum, don't invent another protocol on top of OData. Use what it provides.