That sounds like a good idea--there are several possible ways this could work:

--A straight review exchange--Person A reads Person B's story, and Person B reads Person A's in return
--A weekly mystery review exchange--get some willing volunteers, and randomly pair them up for a review exchange
--A review request thread, where an author can request a specific person to review or leave it up to chance
--a notification thread, where authors can post when a new chapter is up.