You have the right idea, as whether that's good for you to work with or not is simply a matter of testing.
If you want to improve your speed a little bit, i'd make the "approve" field a integer and have 0, 1 or numeric values instead so mysql doest have to read as much information.
Return only friend_id's from the query to save yourself some space as well.
Other then that it's pretty much how you use it on your site that determines the rest of the performance. If your using the friend_id to gather information on their friends then you want to optimize that query or join with this one to limit the number of queries you do into the database.