Color coding report based on Date Modified

OK I am going to wade into this. I'm guessing, but double-checking here if my thinking is correct.... the way to do this and achieve what I want will be to:

1. Create a new field to capture date my desired field is updated. We'll call it "Status Last Updated"
2. Create pipeline with logic that says, "If the record is updated and "Status Detail" changes, update "Status Last Updated" to "Today""
3. Go back to my report that I want color-coded, and now color code it based on that date

Is that accurate?

A different question/problem that I'm trying to fix on the same report. I'd like to use my report to show high level which buckets a partner has completed through implementation - using simple checkboxes that are automated. Pipelines for this? Or formula box? A few key implementation steps do log dates, so it's not as simple as "This field = This", because that field always equals a string of changes. But on the report, I just want simple, clean checkboxes that don't require manual fill-ins for folks.

Thank you!!!!!!!!!!!!!