FINDITEM allows you to find Names and Codes of the list and not any properties. FindItem allows you to convert text formatted line item into list formatted line item ( which by the way also helps in the validation). Now To answer your question, it depends what are you trying to achieve.
If you are using a module that has the same list as a dimension then you can just refer it by a simple click.
If you are using a module which has got diff dimension then there has to be a link between the two lists so that you can use LOOKUP and get the value.
The easiest option is to use another list as your new Code format (Any Code list property in your example).
Once you've got that you will need a mapping table between the list you used for your new codes and your Initial list (Test in your example). This mapping will be in the format of Test and applied to the new code list. The formula to used to create this mapping table will be Test.Test Item[firstnonblank:Test.Any Code] (Test.Test Item - this property needs to be created and is simply ITEM(Test))
Once you have created the mapping table, all you have to do is to reference it using a LOOKUP function to retrieve your Test list items in your module.
It is also possible to do it with free text as your new code but it takes more space and requires additional calculations so I would advise against it if you can. If not here below is an example of how to do it. Note that the Flag I'm using in this example is simply a List named "Flag" with one member in it also named "Flag".