This little bug is a pain to be stuck with. We create custom field as with drop down options , then as soon as we use the field, cannot change the name. The reason for changing the name is to make it readable in reports and views.

So we're stuck with some three word options which create a huge column in spreadsheets. If the column is shrank, the options are not decipherable. We have learned to make our options with 3-5 characters which are identifiable , but due to previous sins we are stuck with some important options which are 2-3 words long! 

We were on Quickbooks for 17 years and could always change names.