Hey Justin,
You can change statuses within the Admin Section >> Tags >> Channel >> Email Send. You change the statuses to whatever you so choose and this will not affect the program's abilty. The only caution is that if you try to change the name of a status that is currently in use, it may not allow you to do so, or at least wiill prompt you with a warning. I have not done it in a while, but just something to be cognizant of.