I am an undergraduate student interested in doing research.

There is a paper I have recently read. In the paper, a new (general) algorithm is proposed (in a bottom-Q1 journal). It is not a groundbreaking discovery. However, because the algorithm is very general, there are many possibilities to develop new algorithms based on that algorithm and to improve the efficiency of the algorithm.

Is it a good idea to write a paper on new algorithms based on that algorithm? It is because I have some ideas in my mind now. Can I submit the paper to a journal? (probably with low enough IF)