Don't see any "below".
Possible bug reports should be posted over in Report an Issue where they will be seen by TS personnel.
Wellllll... Looks like this is not available in WebDirect... How silly.
As per the WebDirect Guide for FM13 on page 38:
Web users can’t edit value lists by using an Edit item, or enter values that aren’t in a value list
by using an Other item.
Wow... Just wow.
There are a lot of fairly simple work arounds possible. You can make the value list field based and then edit the values in a table to edit the values in the value list. A Popover might be used to display a portal of all the records used as values in your list in place of the "edit" menu value option.