Picklist value, When I remove a value from an existing picklist, the previous record that has that value gets updated. The field now becomes blank. Can we have a feature such that when a picklist value is deleted, the system asks the ADMIN if s/he would like to retain the existing value or replace with a new value? Or if a value in the picklist is no longer to be used by the user, can we have something configurable to allow users not see this "inactive" value?
If you want to replace picklist item you should use "Replace" link. Deleting item will delete selection in corresponding records as well.