Cycling through a series of values for a key in markdown frontmatter (Obsidian)

Hi all,
I'm using Obsidian for note-taking and thinking of extending this for my task management.

One of the things I'd like to do is cycle the status of a task (which is defined in the frontmatter of a markdown note file) via a keyboard shortcut.

e.g. status:: nowstatus:: nextstatus:: later ...

I have somewhat limited programming knowledge so my 1st thought was find the markdown file, search it for the key (status::), check it's value and then cycle it - all in the background in Python.
I also thought of a simpler UI approach of finding it in the Obsidain interface and modifying it from there.

Either way I can't help but think that there is a much better approach to this. Maybe via the Obsidian API, maybe not.