I think that would be really wonderful idea, especially for UXer's new to the field as this is one of the harder things to get comfortable with. Seeing both sides I think would be truely helpful.
It's awesome that you guys do that within your company! As it doesn't just improve on the work output, but also how your teams work together and it helps grow your teams as well. We often talk with our developers around ideas as it can be amazing what wonderful wacky things people outside of UX and design can think about too .
The thing with feedback that we have found is that it has to be constructive. Going to someone and saying "I don't like this", one is a personal opinion not based around anything factual, but it also isn't helpful for anyone. You've got to be able to give the person something to work with. It also doesn't help your UXer to learn how to rationalise designs or how to improve on their skills. Same can be said for sugar coating or not giving criticism at all.
I love how you say it requires respect. This is absolutely true, and I think that having safe environments where people can pool their collective brains can be a great way to utilise the true potential that people in your organisation can have.