Can I name Follow Up Flags for use with Contacts?
 

I am trying to use follow up flags with a set of contacts that I am using for
prospecting and market development. I have decided to use different colors to
denote status (contacted, need contact information, interested, etc.).
However, their names are simply Red Flag, Purple Flag, etc. I know I can
"name" the flags with a custom toolbar but, that appears to ONLY work when I
am in Mail, not Contacts.

Does anyone have a solution? Is there something I am missing?