CX Opportunities - edit status and win/loss reasons

Business is requesting changes to the current Statuses (such as Win, Loss, No Sale, etc) and corresponding Win/ Loss probability reasons, and requesting to deactivate a current status. Also, the request is to display the win/loss reason values based on the status code.

In the current implementation, both Status and Win/ Loss reasons are standard fields, and win/ loss reasons are lookups values.

I did some research, and found out that one way to possibly do is to create these fields as custom fields with dynamic choice fields dependent upon one another, but could not find much information if this is a viable solution.