You can't use a value list on a calculation field and you wouldn't want to do so for data entry anyway. You can use auto-complete on such a field while in find mode as far as I know. Is this a value list where field 1 is an ID number and field 2 is the name? Auto-complete does not work in that case.
There are several script supported methods you can implement if interested. This demo file illustrates several. One of the methods shown is an auto-complete enabled drop down of names where a script kicks in when you exit the field to look up any records that match the text you enter and either enters the ID number or, in the case of multiple matches, presents the user with a list of names from which to refine your choice by clicking one to select them.