Since the Status List proved less extendable than needed, I decided to create a custom list. Here's how it looks.
Current Status : Choice - Green Yellow Red
Description : Multiple lines of text
Group Name (Changed from Title) : Single line of text
Order : Number - no decimal used to order and filter the items for a view
Reporter : Person or Group
Status : Calculated (returns as text)
Other default fields are available in the All items view.
Turn on Versioning. With versioning turned on, the Description field can be allowed to "Append changes to Existing Text".
The Status calculated column reads the value of Current Status and provides an icon to represent visually.
Now, here's the formula that renders the Status image.
=IF([Current Status]="Green","<div><img src=_layouts/images/KPIDefault-0.GIF></div>",IF([Current Status]="Yellow","<img src=_layouts/images/KPIDefault-1.GIF>",IF([Current Status]="Red","<img src=_layouts/images/KPIDefault-2.GIF>")))
To make sure this is read as HTML, you need to edit this tag in Designer. Highlight the web part on your page WebPartPages:XsltListViewWebPart and select a field under Status and Edit the tag to add disable-output-escaping.
<xsl:value-of select="$thisNode/@*[name()=current()/@Name]" disable-output-escaping="yes"/>
As a result of the calculation, I don't need to show the Status in forms. Why? It is a visual representation of the value associated with "Current Status". That is the field needed in the form.
Now; hide the calculated column from forms by using SharePoint Designer.
Using SharePoint Designer, find your list and select it. In the right pane under content types select the Item content type and then choose edit content type columns. In the right pane, select the Status column and under the property column, click until you see the drop list arrow. Choose hidden. Save.
Now you can create specific views or order as you please. I am showing Group Name, Status and Reporter. When I wish to edit Status, I am actually choosing Green, Red or Yellow from the Current Status drop-down.
I hope this helps somebody.