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ahhh dang this is something we would like to use and track. Is there any work around?

Not any great ones. You can run the financials and extract to excel and marry them up there
You can also add it as two columns, but the don't line up right

I see hmm so I'm thinking in the long run it might be worth switching the classification over. Do you know what the steps are to accomplish the switch?

What I'd probably do is book JE's to move out of my class to a no class and into the new custom segment instead of trying to update historical transactions for anything that isn't in progress still (i.e. Pending SOs or POs)

Any other approach would involve editing all of your historical transactions - which is likely to be very risky.