Alone like that, no, it does not, however, it could make sense in a sentence like “I like the far suitcase.” Sin contexto, no tiene sentido, pero se podría usar en una frase como “me gusta la maleta de allá”.

That frase does not really make sense to me

Hi Alexis! The phrase could be used to identify the suitcase "over there" or in the distance. For example, my suitcase is "the far suitcase" against the back wall. En español usan aquel o eso, allá.

No, I guess you mean "the furthest suitcase " or "the last suitcase" but you would also need to add the furthest from xxx, in case you use far from