Using the IF conditional created a syntax error I couldn't recover from.
I also tried to cast the column to unsigned, but it resulted in blank enum values being inserted ... even though (in phpMyAdmin) when I view the record, the enum has a value.
I ended up changing the enum to tinyint and used this query:
"UPDATE `".PREFIX."genres` SET `cat_status` = (`cat_status` + 1) % 2 WHERE `cat_id`='$guid' LIMIT 1