It sounds like a good idea but it would be pretty cluttered, it would be like a web of selection boxes, also, I think that the amount of status' that you have can be abused, so the plus! box with the status' could be absolutely packed and be really long.
Do you mean like Messenger Discoverys list of features in there taskbar button but in the messenger button? If so as traxor said it would be a bit cluttered. Also when msn 7 full version comes out it will have it's own custom stutus feature so it will be where you want it..probably.
