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How did you end up setting things up?
I think it is better to have clear statuses at the engagement program level and use that to track the overall success of the program (so when someone clicks on the mail, you update the mail status to clicked, but also update the engagement program status to clicked). You should track individual mail successes, but they can be tricky to roll up to the engagement program.
Seems like a best practice to have it at the engagement level and email level. But I know there are some folks out there that just like to have it at the email level and then do a manual rollup.