I've made many custom Smart Shape styles. They seem to be listed in chronological order, so when you want to apply a style to a shape, the list of styles in the Properties pane seems very random. Does anyone know how to reorder them? I've searched in the Object Style Manager and can't find anything like an arrow button to do so. Thanks!
It is simply not possible, not even the filtering which works in many dropdown lists is available.
Keep the most used styles as Default styles. Many users believe you shouldn't override those styles but if you create a custom theme it is recommended (in my mind, beware many authors claim the opposite).
This is another one of many areas in Captivate that badly need updating. In this day and age there is really no excuse for some of the very inconsistent list sorting you see in Captivate.
Please log an enhancement request using the Adobe Enhancement/Bug reporting form.