We have a custom field within the project template (Dropdown) that is for the Dealer related to this project. 

I thought in the past if we needed to update a name of one of the items added to the dropdown list we could edit them, so I am not sure if this is a recent change or not. But is there a way to update an item that is already in the drop down field list? This is a required field, and I do not want to remove this item and add the updated name as that will seriously mess up our reporting, but wanted to see if I was missing something. 

I have also seen other post that refer to people using Blueprint to manage a custom dropdown field of items, is this something that is possible within Zoho Projects? We are constantly adding new Dealers to this list and if there is a better way to manage this I am open to ideas.