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For anyone curious - just needed to update the function to:
`_function_ setActionAndSubmit(_action_) {`
            `console.log('set action as ' + action);`
            `_var_ record = _currentRecord_.get();`
            `_record_.setValue({`
                `fieldId: 'custpage_information_action',`
                `value: action`
            `});`
            _`//submitForm();`_
        `}`