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Hi Dallin
This is actually harder than it should be, and the first thing I'd do is recommend you submit a request for it to be possible to set alternate option labels when nothing is selected in the UI itself where you insert the field: https://toolset.com/home/contact-us/suggest-a-new-feature-for-toolset/
It can be done, but requires some—simple—coding, so add a new snippet for this at Toolset > Settings > Custom Code.
The following is an example where I am changing the label for a couple of select fields which is simple enough that you should be able to see what I'm doing. Note that Types fields use a wpcf- prefix, so my "Assignee" field is referenced with wpcf-assignee, etc.