Kris,
Since the question arose as to whether a requirement needs to be included, it's certainly appropriate that the issue be added to the issue log. At this stage, the PM is not going to do an in-depth analysis of the impact of the requirement on the project (e.g., impacts to cost, schedule, etc.). The issue could be resolved in a number of different ways (e.g., everyone could agree the requirement is not needed and could be eliminated or delayed to a future, post-project date). If, however, a change request asking to add the requirement is generated then it will be necessary for the PM to assess the impact of the project in a much more detailed fashion and present that to the Change Review Board who would either accept or reject the proposal.
With regard to an "initial analysis" during the evaluation of the issue, this could certainly happen. But in no case would resolution of the issue on the issue log be tantamount to approval of the change - such approval only happens though the process as defined in the change management plan.
Tracy