In looking at your workbook, I am curious why you are making the user go through all that effort to find out the simple status? Why wouldn't you just color code it in the list itself so everything can be seen on initial glance?
This is just an example. I am doing something similar on my original dashboard but it's a bit more complex than that therefore I just wanted to know the logic behind it.
I can do what you mentioned also but again is there a way to hide just the status of the independent project ?