That’s similar to what @Matt_Petersen was originally thinking. The problem is that both
NOW() will continually update. The dates they produce won’t lock in based on the first time they’re set by the formula. Every time the table is updated, so will the date.
It might be possible to use Zapier or Integromat to do the date-setting, with a normal date field updated by the integration service when it sees the status change. However, it wouldn’t be an instant update depending on how frequently the service checks for changes. If that’s not a problem, then consider going that route. Otherwise I believe that what @Kamille_Parks suggested is probably the best alternative available for now.