Is it possible to use the Project Overview Status field in a Jira project?

[Amanda Caton]

Does anybody know if it is possible to use the Project Overview Status field in an individual Jira project? We have a Jira project of Jira projects in an attempt to replicate some of the functionality available in Atlassian Projects but that will allow us to overcome some of the limitations and unknown future of that capability. 

I have added the Project Overview Status field successfully but it does not appear to want to allow me to edit it so wondering if anybody has ever tried anything similar and had any success. An alternative would be to create a custom field but I would lose the ability to color code the options which seems to be an important requirement.