Hello Marios,
The technical and UX problems I think that Joost already explained it very well.
However, if you dataset is not very large, you can use for example the component Chosen, since it works very well (in terms of performance, not with a huge amount of information) with bigger texts, it uses multiple lines if needed and also have something very useful which is the search option.
Try it and download it if you want in the following location:
Chosen - Forge Component
Best Regards,
Gonçalo Martins
edited by a moderator to update the forge component link