Scenario:
- Change Set is created
- A Custom Link (labeled type "Button or Link") is added to the Change Set
- The Custom Link is changed in the Setup menu, specifically, the URL used
- The Change Set is uploaded to the Target org
Will the changes that occurred in step #3 be deployed in the Target org? Or will the current "state" of the Custom Link when it is first added to Change Set (step #2) be what is deployed to the Target org?