editing pre-existing fields for template

editing pre-existing fields for template

I have an existing template that has an Item field that I am trying to edit to add another option into the Pick List, but it doesn't show if I go to Incident - Additional Fields, where all the other fields are.  I tried deleting it and re-creating it, and it tells me it's a reserved key word, so I must choose another name. 

Is there a workaround for this? This template was existed prior to me getting hired, so I don't know or why it was created this way to begin with.

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