How about a tooltip so that they can start typing and you’ll see options depending on what they’re typing?
You can display the entire list in the tag cloud so that if they want, they can select tags, and the tooltip will be automatically filled with what they select.
If the proposal field is not viable, I would go with a tag cloud and a disabled text field (or any other editable text field, even a label) to show the options selected from the tag cloud.
It can also save you a lot of vertical space compared to traditional listings.
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