Hello John,
although you can fetch an object name for a field, which stores an ID using a syntax like
{<object>}.{name}
e.g.
{project}.{name}
this does not work for the status.
The only workaround would be using a nested IF statement like this:
IF(Status="INP","In Progress",IF(Status="PLN","Planning",IF(Status="CPL","Completed",Status)))
If adding new statuses to your system would mean, that you need to adjust the statement.
Regards
Lars