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What data loss considerations should an administrator keep in mind when changing a custom field type from Text to Picklist?

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The administrator at AW Consulting has created a custom picklist field. Business users have requested that it be a text field. The administrator attempts to change the field type but, is unable to because it is referenced by other functionalities.

Which functionality is preventing the field type from being changed?

The standard Lead Rating field has picklist values of Hot, Warm, and Cold. A list of new leads was importance without errors even though several records had the value of Unrated in the Rating field.

How were these records added without error?

Ursa Major classifies its accounts as Silver, Gold, or Platinum Level. When a new case is created for a Silver or Gold partner, it should to the Regular Support Queue. When an account is Platinum Level, it should automatically go to the Priority Support Queue.

What should the administrator use to achieve this?

Universal Containers wants to provide reseller partners with discounted prices on the products they purchase.

How should an administrator configure this requirement?