How do I utilize (view, toggle, automate) the folder status when it is different than the list status?

I can set the status of lists and folders to be different but can not utilize the folder status. For instance we have project development "Phases" for multiple projects going on at one time. I have set the list status as "in progress", etc. and I would like to be able to have the folder identify it's status so that way we can quickly visualize the status of each project from a high level ("Phase 1", "Phase 2", etc.). I would like to automate this change in status, but since I can find no way to view or toggle the folder status, this does not work. I've also tried to change the hierarchy but since the lists and subtasks can not share a different status, this does not work either.