Merge tag for Dropdown Option Text?

I need a merge tag that allows me to pass along the TEXT for the selected option in a dropdown, but can't find anything in the documentation.

:value returns the selected options value attribute, :label returns the <label>, but there doesn't seem to be a :text or :content merge tag option.

In my case, the option's value attribute is a WordPress post slug that would be meaningless to the person receiving the email, but necessary to have the field auto-populate via querystring. The selected <option>'s text, however, is relevant... and I need to ensure that it is included in the email.

Im having the same issue. You can see form 1 located here: http://lendercertified.com complete the 2 dropdown field form and check out the url.
This is what I have in the redirect url confirmation setting:
http://lendercertified.com/{State:67}
and the redirect query string is:
purchase_type={Purchase Type:28}&state={State:67}. In both fields on form the values for the drop downs are in slug format, no special characters and there is a - between each word, but the field labels are being passed rather than the values. Please help.