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How to use a formula in a Workflow Action to set Item Class

Is it possible to use a formula in a Workflow Action to set Item Class? I'm getting the error "Invalid class reference key" even though the formula produces the Name of a Class.

I notice that I can set Item Class using Import CSV and a string "Parent Class : Class". But I also notice that when creating the Set Field Value Workflow Action, I cannot enter Static Value Text, only a Selection.

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