Status Profile

Hi Experts ,

I have a user status ,say "ABC" assigned to the Project profile and projects were created and being executed.

Now it is possible to change the status profile from "ABC " to a new "XYZ" status profile in the Project profile .

If this is possible , then what would be the state of old project which were created using status profile"ABC" .

Appreciate the experts insights and possible solution.

Regards

Judy