Does it look bad to change the application status on the Common App from ED to RD?

No, it doesn’t look bad. Some colleges may nudge you to change it back to ED because it helps their numbers and yield, others won’t give it a second thought. The colleges that make that attempt to nudge you might take this as a sign they aren’t your first choice, but when all is said and done, they’re doing what is good for them, and you have to do what is right for you. If directly asked (which is unlikely), just say you are very much interested in their college, but unfortunately you need to compare financial aid offers.