On the Configuration screen for Custom Fields with type = "Select List", add logic similar to 'Statuses' for: 1) management of "options", and 2) data migration (eg, replace "value1" with "value2" for all test cases that use "value1").
During a phone conversation with Thiago, Dan and Assis, Thiago said this functionality currently doesn't exist, and recommended I add this Idea. While designing similar features as this in the past, I've found there are a lot of details, so I will...