There should be a way to retire or make a picklist value inactive. Its common to have certain values become obsolete overtime. When that happens we should be able to remove them from the picklist, while still preserving them in historical data.
Definitely agree, a simple way to do this in the UI would be great.
We really need this feature, can’t have 10000 tags in a picklist just because we used for a while some tags and we need to preserve those past stats