You can edit the value so that it contains both, but the way an option works is that if no vaue is defined then it defaults to the label as the value, but if the value is defined then that is sent on form submission.
here is the function i created. 'Localdd' is the list name. 'labelfield' and 'valuefield' are to invisible text fields. The information is POSTed to the server so it can then be used to create a session varriable on the same page using Request.Form
<script language="JavaScript">
function getlabel (){
var labelval = document.form1.localdd.selectedIndex;
document.form1.labelfield.value = document.form1.locdd.options[labelval].text;
document.form1.valuefield.value = document.form1.locdd.value;
document.form1.submit();
}
</script>