Hi @L-A-Horner
Yes. Customizing the lead status is possible. And, yes, since it is not possible to change the Lifecycle Stage, many of our clients use the customizable Lead Status to fit their needs.
To customize the Lead Status:
1. Click the Settings icon (the gear) on the upper right side of the main navigation.
2. In the left-side Settings menu select Properties
3. Search for the Property: Lead Status
4. Adjust the Lead Status Labels, Internal Value to fit your situation/business.
I hope this helps. If it does, please mark it as a solution to help the rest of the community.
Thank you!