There's no way (that I've found) to handle text that is longer than visible box of the dropdown control. It would be helpful to have a wordwrap option for the dropdown to automatically produce variable height options for the dropdown. For example:
[abcdef][V] <-- dropdown collapsed
[abcdef][V] <-- dropdown expanded
|-------------|
|abcdefghi| <-- first option is long, so drops to a second line
|jklmno... |
|-------------|
|pqrstu... | <-- options 2 & 3 are short enough to fit on one line
|-------------|
|vwxyz... |
'-------------'