All you need is a calculation field:
If ( Status = "Ready" ; Field2ValueField )
Make the return type "text".
This field is empty when the status is not "Ready".
In your value list set up, make an ID field from this table field 1 and this field the 2nd field. "Field2ValueField" should be the field you would have otherwise specified as the 2nd field in your value list but are now using this calculation field in its place.
If you aren't using an ID field in your value list setup, then use the 1st field in your calculation field and use this calculation in place of that first field in the value list setup.
I call this a "hardwired" conditional value list and you can find a working example of both it and a relationship based hardwired CVL along with a number of other value list examples here:
Yes! This worked. Thank you so much Phil! You are amazing.