Need ability to move pick list items up and down (CRM- LEADS)

Need ability to move pick list items up and down (CRM- LEADS)

Currently a custom Pick List shows values in the order entered or alphabetically. 
Isn't it possible to create the ability to move these values up and down like other areas of ZOHO CRM?

I selected a value in a custom pick list during a mass update.  I wanted to change that field to "empty."
Customer help told me the only option was to delete that value from the list.
But if I want to add the value back into the pick list then I can't get that value in the right order again.