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Should I modify the Product entity?

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Hi, I'm new to CRM.

This company is using CRM for tracking sales opportunities since the company already has AX for product quotations. We want to be able to record two variables, the brand of product offered and the type of product. 

eg.

Brand A - widgets, bolts, or gizmo

Brand B - widgets, bolts, or gizmo

Brand C - widgets or bolts


Previously, there was a custom field and option set for brand and the type of product, but we want to add an estimated opportunity amount. This would be estimated by our sales people. Since they use the AX system to generate exact quotations, I want this to be quickly editable by them. Management wants to be able to track estimated sales opportunities by brand and the type of product.

I've had a look at the product entity, but it's too exact with set price lists. There are multiple models of 'widgets, bolts, and gizmos' that we don't want to duplicate from AX to CRM.

Is it possible to edit and strip down the product entity to just consist of the brands and types of products with user generated price amount? or should I create a new entity? 

using CRM 2016 online

Thanks


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