Appreciate any help. Thanks!
4 answers
No, a picklist cannot depend on more than one field, although you can have them chained such that you could have picklist C depend on picklist B, and picklist B depend on picklist A.
However, it almost sounds like you want the priority status to be calucalted for you, based on the results of some other fields. This definitely can be done with a formula field. If this is more along the lines of what you were thinking, let me know and I can give some further details.