If you are using javascript on the client-side, you might try a hidden input that stores the text of the selected item and populate that data using java script:
CODE
<select id="myselect" onchange="updateHidden(this);">
<option value="-1">Select an Option</option>
<option value="1">Value 1</option>
<option value="2">Value 2</option>
<option value="3">Value 3</option>
</select>
<input type="hidden" id="h_myselect" value="-1" />
<script type="text/javascript">
function updateHidden(obj)
{
var theText = obj.options[obj.selectedIndex].text;
document.getElementById("h_myselect").value = theText;
}
</script>
But, as you well know, I don't know anything about CF nor whether it is possible to integrate javascript with it like this. Maybe it'll help.