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I haven't completely tested the following setup but it may help you with your case.
1. You would need to create a campaign with a segment that identifies all form submitters.
2. Next, create a form with Processing Step that "Update Custom Data Object - With Custom Values". Add the CDO field you want to update the value. Note that you would need to create a new form for each set of values. In your case, you need two forms (i.e. ABC and XYZ). You can simply add the Email Address and first name as the fields for the form.
3. Once the forms are created, you would need to add and configure the Form Action Steps (to submit the CDO value) to push the data over in the Campaign. To do this, You can utilize the "Submitted Form?" Action step to check which form was submitted. If Form A was submitted, you need to configure Form Action step execute the form we created in step 2. You would need to do this for all possible values that you need to update in the CDOs.
Let me know if you need any clarification.