There are various proposed solutions, but they all have drawbacks. You have to compare the drawbacks of the different options. (From my limited memory, your proposed solution is not one of the standard solutions proposed in the literature.)
> As for Russell's paradox, as far as I know this has been solved in ZF theory
ZF theory pays a price – the restriction of the axiom of comprehension. The point is you don't solve Russell's paradox for free, every solution has its price, every solution involves giving up some component of naïve set theory; ZF chooses to partially give up the axiom of comprehension; inconsistent set theory (part of inconsistent mathematics [1]) chooses to partially give up the axiom of non-contradiction instead. If we have to give something up, how do we decide which part to give up? You think that giving up the axiom of comprehension is a smaller price to pay than giving up the axiom of non-contradiction – but is that a subjective value judgement? Or, can it be objectively justified? (And if so, how?)
A good argument for paraconsistent logic is that relevant implication is a more accurate model of natural language than material or strict implication, and relevant implication is paraconsistent. (That said, dialetheism goes beyond mere paraconsistency.)
I'd suggest (if you have the time/inclination) reading Graham Priest's book In Contradiction. It explains the arguments for all this far better than I can from memory. (I read that book 15 years ago.)
[1] https://plato.stanford.edu/entries/mathematics-inconsistent/