Good news, this field is very easy to edit and the change will not count towards your 3 custom fields. Just go to Settings >> Customization >> type in phase to the real time search in the upper right (not the global search, the one in the pane) >> click edit next to the phase link. You can add or delete values as you please here!
Update "Phase" drop down choices
There is a field called "Phase" that contains a list of pre-defined choices; I'd like to remove the choices that don't apply and add/rename the choices that pertain to my client.
My client has the professional version which only allows 3 custom fields.
Any help would be greatly appreciated;
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