The new Volunteer Activity field on Interactions allows custom field values, but there is no way to order those values. The cursor does change to a plus arrow (which usually indicates movement) but you cannot drag the fields. Simple alphabetical sort like in other field values would be fine too. It would make data entry easier as you grow the list.
We are having the same issue, there is no sorting and it does not look good. President of our company asking me to submit request for new feature.