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I am working to create some generic reporting for a list I have created. The list works based on the values in various fields. The field I am currently stuck on, is the field named: "Status"

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Ideally, I need to know how long a specific item remains in that status, or value, from the drop down. I also need to know how many times it changes, and what those changes are, as well as who made them.

My idea is to have a calculated field, that grabs the status, and if it changes, to append that information into the calculated field.

Where would I start in terms of an actual formula for this?

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It cannot not be achieved by a calculated column.

You can enable Version for the items to track the updates on the List item.

List Settings > Version settings -> Item Version History -> Yes

Another method, you can using Event Receiver with ItemUpdating. Using the Event Receiver, when an item is updating, get previous value and changed value of Status and record the changes (e.g. what those changes are, who made them) in a list column.

How to create a Event Receiver

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