Is it possible to have Status reporting on Idea's? I do see s Generate Status report on Status Report Object but not able to add as a link.
From your description this is not currently possible. The Status Report object is a subobject to Project and not to Idea.
However if your Idea is converted to a Project then you will be able to get Status Report on it. Alternatively you could create your own subobject similar to Status Report on Idea and use it for similar purposes.
Hope this helps -Nika