Code Review Application in sharepoint online

Hi,

We have a requirement that we want to use sharepoint or o365 for users to submit the code review documents and code files for review. Basically the application should support.

1. More than 5000 Requests

2.  Mutiple Files per request as attachments.

3. Reporting ability on the submitted request.

4. Permission setup for users to see only there requests

We are planning to use : 

Option 1 : 

-Out of the box lists with with folder structure(to avoid threshold issue) and a sharepoint list rest api to build the reports

Option 2 : 

-Two lists with the active and archived requests and sharepoint search to build the reports.

Please provide your suggestions that you think is the right approach.

Regards,

Syed