Create new candidate selection workflow or update steps/status in current workflow (Best Practice)

Summary:

We are wanting to remove a step in our current workflow and add/remove/rename some of the statuses. Looking to understand best practice for this.

1. It is better to create a new CSW to accommodate our new requirements or update the current workflow?

2. If we create a new CSW or update our current step/status, how does this reflect in terms of reporting historically?

3. Are there any tip sheets or configuration guides to assist with this?

Content (please ensure you mask any confidential information):

Version (include the version you are using, if applicable):

Code Snippet (add any code snippets that support your topic, if applicable):