How to update Price List based on Item Status?

Hi All,

We have following customer requirement:

1. Customer receives item information with suggested selling price from supplier

2. Customer creates the item with status - Inactive and updates a Price List (Dummy) with suggested selling price

3. Customer changes item status from Inactive to Active and suggested selling price from Dummy Price List is re-calculated using a surcharge (Category based margin) and updated in Master Price List (used for Sales Order)

We are creating an integration program which would update Item Information in Inventory and update item in Dummy Price List - Resolves point 1 and 2 above.

For updating Master Price List from Dummy Price List based on item status, we are planning to create a Modifier with a custom hook on item status.