Hi Steve,
If all of this is going to be done without the editform, then you need to initiate the selection of the editable record to edit.
If you use the standard select tool to highlight the feature, this will provide you a Map.SelectionBookmark object
To find that feature in the editable layer you can write Map.Layers("LayerName").Records.BookMark = Map.SelectionBookmark
Then you want to check the fields. You could do this several ways but here is a start.
if Map.Layers("LayerName").Records.Fields("completed").value = true then
Map.Layers("LayerName").Records.Fields("completed").value = false
else
Map.Layers("LayerName").Records.Fields("completed").value = true
end if
Map.Layers("LayerName").Records.Update
The custom tool then have this script attached to the OnClick event.
Let me know if you need any more help, if not please mark as answered.
Cheers,
Gareth