Hi Mohana,
Regarding assigning test cases to team members to review, if you run reports instead (still using the custom field values you've created) you will then get a dynamic and interactive (drillable) report that you can 'assign' to users by giving them the URL (the URL contains the report logic). If you write the report logic in a certain way you might also be able to produce reports for specific people or groups of people that will auto-update with test cases as you assign the relevant value into your custom field.
Hope that helps.
Andy