I've done that very thing with either the invoice or pick list. Set the processing options in the invoice to Prevent A/R Number Assignment. I think it will assign an Invoice Date, so that might be bad. If you use the Pick List, you'll want to set the Hard Commit Inventory to '2' (Bypass comitment process). Both of these programs are overkill for just updating the Status codes, as they create work files and run pretty slow. We also looked at the Batch Ship Confirm, but it was too unreliable and slow.
We eventually developed a custom UBE to do this, which is one of our most useful programs. We use it as a batch ship confirmation process. It's simple and runs real fast. Send me your e-mail address and I'll share the specs with you.