Feature Request: Make drop-down values a key/value pair?

This would server two purposes:

1. Values could be renamed

2. Values could be sorted by their keys. For example for "Status" with values "New", "Active", "Complete", sorting alphabetically by value isn't very useful but if the keys 10, 20, 30 could be associated with these values they could be sorted usefully. Alternately/additionally, a sort value could be used like is currently done with columns in views.