I would like to customize the priorities. I'm using the program as a project manager for my clients and have a folder for each client. I would like to be able to change my priorities to, for example, "Waiting", "In progress", "To Be Invoiced", etc. Is this possible?

In Deluxe Edition you can assign one of 4 priorities to any folder/note: high, normal, low, ignore. If you need more you can identify items using icons, or even colors. You can also sort folder content by any of these fields.