Project Gating Statuses

Hi

Currently we are using 7 project statuses, now client wants them to be reduced to 3.

So we have set-up the 3 new statuses and changing them on project types, templates manually.

But to to change the statuses on all projects ( more than 500) we want to use the below mentioned statement.

Could you please advise if there will be any issues if we do the changes?

update pa_projects_all
set PROJECT_STATUS_CODE = 'xxx'
where PROJECT_STATUS_CODE in (xxx,xxx)

Please advise.

Thanks,

Shiv