While possible, it's very clunky. It would be better if you could at the very least drag and drop the podcasts between the priorities, but personally I would prefer being able to quite simply change the priorities by dragging them around and not have to think about priority numbers.

The reason for this is the setup I have currently is a few tiers:
1) The podcasts I want to listen to the instant there's a new podcast there
2) The podcasts I want to listen to after priority 1 is done
3) The podcasts I've got on a backlog where I want to listen to them when all the other podcasts I've already put in priority 1 and 2 are exhausted
4) The podcasts I haven't yet started on, but have modified to make sure I don't spend time checking and downloading podcasts I haven't begun on yet.

And at this point I've run out of screen realestate when setting the priority number on podcasts, so I can't even see the 4th priority because it's hidden by the keyboard.

I think the current priority system can be reworked to still have the same priority system behind the scenes, but the main work to make this work would be solely on the UI side.

This is possible with some effort through custom settings>podcast priority. Larger numbers mean higher priority.