You can use labels for anything you want.
Make the status be your POVs and the labels be your status.
It’s easy. Just set them so.
You can rename status for POV :
And “Label” for “Status”
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All you have to do in your current case is “reprogram” labels as statuses and vice versa. (In the project settings, as per my screenshots above, where I renamed “status” for “POV”. Set what is currently your labels as POVs (formerly “Status”), and your statuses in what was until now the Labels.)
(Once you are done setting this the other way around just as you want it, I would recommend that you make yourself a template out of this project, so that you don’t have to do it again for your next project.)
(Statuses and labels (whatever the name they end up with) can also be fetched from one project and brought in another one, in all cases.)
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You can’t just switch between one and the other as what is displayed as a cue in the binder, as default status doesn’t support it (nor does it support colors). — In the future, perhaps.
→ Keywords are another way of tagging documents, and they render a visual cue based on colors in the outliner view.
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You may very well find this thread of interest :