@1asdfasdfadsfasdfasdfa Question for you, why would you have long text in a dropdown anyways. You need to have a tooltip for that. Word wrap in a dropdown would render a very long scroll in a smaller device both for dropdown and for form.
Minify jquery select 2, put it as client libs, and include it in your custom component.
@1asdfasdfadsfasdfasdfa Data binding would be difficult to manage and I can say there is not a document for a similar approach in form. Try creating a wrapper around the default dropdown and feed/bind the values to the default one itslef and use your widget just to display the values. It will all be done in js handler