Hi,
Maybe I didn't understand you question, but if you are looking for a way to filter the view of the participants list so you would only see participants with "No roles" status in the "Roles" column, please note that in Moodle 3.8 there is a new filter called "Roles: No roles":

Of course this filter won't automatically change all your records to the requested role ("Student"), but at least it's half the way.
You can get more technical details about this filter and how it was added, here:
MDL-66178 ("Participants list - Filter users with no roles")