Technically, yes, it is possible and I can definitely do this for the next release scheduled for mid to late March.
That said, the user interface for changing the ticket status would be rather unwieldy. You'll have a really long dropdown list with ticket statuses. That's why we had implemented this feature with a limit of 10 custom statuses. Beyond that we found the list difficult to use. Apparently so did everyone else because we had no complaints that ten custom statuses are too little. Then again, not everyone's use case is the same.
As long as you're happy with having a long list of custom statuses that I have no objection to implementing this feature. I'll add at to our milestone to-do list now.
Nicholas K. Dionysopoulos
Lead Developer and Director