Dynamics CRM swapping text of a Picklist option

We have one picklist to take action, want to show different text in 2 different forms. Am trying to use the same option instead of creating 2 different options/values as the behavior is exactly the same.

Form A - Permit Issued
Form B - Approved

I referred this and implemented to remove the option & re-adding with same value but different text. Its displaying as expected but on selection the value reverts to original. I know this is coming from original option-set definition.

At least it should retain the newly added option till I submit right? If Product is refreshing the definition, can we stop it till submission?

I am planning to add duplicate items with both options, show/hide required options & mimic the behavior for both options. Any other solution?

Still unsure where CRM is caching the original text to display after selection (apart from text/value after removal of options on form load). Ended up with this below workaround as mentioned in my question.

Added both Approved(1) & Permit Issued(2) values in Entity Picklist field physically. Then on form load removed the unnecessary values. (Ex. Approved - removed in Form A picklist)

Then handled the save logic to assume the values are same (1 = 2).

I am open for any better solutions.