That does work well, though it does nothing to help encourage a new project to continue by demonstrating any genuine interest in the project to the content creator. Perhaps a more useful metric, though more subjective, would be to base it on amount and/or quality of content rather than time. I have seen plenty of games here that release comparatively huge initial releases. Would it be reasonable to apply the same time considerations to that project, as one which may update weekly but still has less content after 6 months then does the other?
For instance, a game dropped in the last month and, despite being a first project from the dev, is much more smooth than the vast majority of similar style games. Compare that to the myriad of devs that drop a small release in a highly bugged program, followed by regular updates that add fragments of content followed by more debug updates. You may see all the effort, and constant interaction, over the next 6 months, just to finally refine the base program to something comparable to the aforementioned game's initial release.