Multi-Line Dropdown Field Formatting

In certain situations, it would be helpful to accommodate multi-line entries in a dropdown field.

For example, we have a form where users perform site inspections. The user determines what is being inspected from a list of items that are specifically assigned to them. Since item number alone is often not enough information for users, project name and item type are also supplied. Currently, this information is all concatenated into one line with underscores as separators. All the information is present, but not always easy to read. It would be more readable and user friendly if we could display each piece of information on its own line.