For anyone else looking for guidance on how to do this, I created another custom field called event_status and by using the save_post action in wordpress set a condition that once this changes to then the run delete_post_meta action as follows:
function event_status_is_updated($post_id){
if(get_post_meta($post_id,'event_status',true)=='not_complete'){
delete_post_meta($post_id,'date_dun');
}
}
add_action('save_post_event','event_status_is_updated');