I think it's a built-in option with CCK. (If not you might need to download one of the additional CCK modules...). You go to /admin/content/types/product and from there you can Manage or Add new fields.

So for the Select List, which drives the NTSC / PAL badges (and I'm implementing something right now that is a node selection list for the "riffers") - you can give it an id / element association however you like:
ID | List Item Value
--------------------
1 | One
2 | Two
3 | Three

(The first value, the ID, is what gets stored in your database table. content_type_product, if I'm not mistaken, or possibly content_field_type_{your-field-name-here)