I can't find any reference on how you separate the label from the value. From what I can tell, JS only allows you to retrieve what is specified in the "value=" attribute. You could do a little trickery though and use a delimiter and put both in there like this:
<option value="5,Page 1">Page 1
<option value="6,Page 2">Page 2
You could then write JS to separate them on the client side and use the CF list functions to separate them on the server side. That's the only way I can see right now to retrieve both the value and the label from with client side JS.
GJ