Profile Key=Content

[Pescao6]

I'm struggling to generate a drop down box on the profile fields.
The one I was using on IPB3 had keys so I could do something like:
1=Option 1
a=Option 2
qwerty=Option 3

Then I could use a given {key} like letters and numbers to link an image to the {content} which would be the displayed Option.

Was this functionality removed or is it just a bit different now? Can someone help me out with this?

Perhaps I'm not comprehending the new profile types because this is all I'm seeing:

Is there a guide anywhere that explains what these are and what they do?