Best Way To Add Status to Existing Channel?

I'm using a current channel in Marketo, but I need to add a status to it.

When I go to edit the channel, I get a warning: "Warning: Do not copy labels from one field to another, this will rename the status in existing Smart Campaigns"

'So my question is, how can I add a status without risking renaming statuses in existing Smart Campaigns? Can I just click "Add Step", add the new status, and use a step number that fits in between existing statuses?

Hope this makes sense, thanks.