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Not with a traditional value list.
Instead, you could use a popover or a card window to conditionally format values.
With a popover, you can conditionally format values in a portal.
With a card window, you can conditionally format values in a list view.
For either, you'd need a table that houses your value choices. Or you could use a Virtual List table to create the options on the fly.
I've not upgraded from 14 > 16 re. Card Windows.
I will investigation your suggestions when back on regular internet access!