A Status Conference is the second type of proceeding in a criminal case, the first being the arraiaignment. If you were charged with possession of the weapon, it would be an indictable crime and handled at the Superior Court (as opposed to the municipal court), unless it is downgraded. It is unlikely that it would be dismissed at this early stage of the proceedings.
Assuming you have not yet been arraigned, you would typically appear in court, be arraigned (the court advises you of the nature of the charges and the potential penalties if you were to be convicted and checks on the information identifying who you are) and potentially be processed for fingerprints and photograph (mug shot). The Court would then ask if you have a lawyer, and if you do, who your lawyer is. If you do not, the Court will ask you if you are getting a lawyer. The Court is not going to ask you questions about the incident, and you should not talk to anyone other then a lawyer about what did occur. The reason for this is that anything you say can be used against you, while anything your lawyer says cannot. If you do not have a lawyer yet, get one.
Whether you will be arrested depends on the number and type of charges, whether bail is required by the court or requested by the prosecutor, and several other factors. I strongly urge you to directly contact an experienced criminal defense lawyer who can advise you on the severity of the charges, discuss the actual facts about what occurred and guide you through the coming court appearances. I did say 'appearances' as it is likely that you will be going to court more then once in regards to this matter. While these types of forums are valuable for getting some basic information, you appear to be facing charges that have potential 'consequences of magnitude' including the possibility of incarceration. Get to a lawyer before you go to court. Even if you have not retained a lawyer before the proceeding, you will have specific information about what youy are facing.