To All Again: The following code I found the way to do it, will move the words that are in the custom field of the contact, to another custom field, and based on what I asked, I also found the way that the code will work for all contacts that are selected....so if you need to move the words from one custom field to another custom field in many contacts that are selected in a folder, this works. And to be clear, this code moves the words from First Status: to Status3: and turns First Status to an empty custom field.
Sub ConvertStatustoStatus3()
Dim objApp As Application
Dim objNS As NameSpace
Dim objFolder As MAPIFolder
Dim objItem As Object
Set objApp = CreateObject("Outlook.Application")
Set objNS = objApp.GetNamespace("MAPI")
Set objSelection = objApp.ActiveExplorer.Selection
For Each objItem In objSelection
objItem.UserProperties("Status 3:") = objItem.UserProperties("First Status:")
objItem.UserProperties("First Status:") = ""
objItem.Save
Next
Set objItem = Nothing
Set objFolder = Nothing
Set objNS = Nothing
Set objApp = Nothing
End Sub