Customize workflow for Initiatives Merged

I'd like to be able to customize the workflow for Initiatives.  For example, I don't need "On track".  If something is "In Progress", then it is assumed to be "On Track".  Otherwise, it would be "At risk", right?  I'd also like to change the order they show up, as they seem to be in reverse (Not Started is on the bottom, for example).  And I'd like to add a status for "In Research" or "Assessing Opportunity".  I'd like to distinguish between initiatives that are in development and those still being evaluated by product management.  Please show Initiatives some love and let them be customized more like Features!