** It would be a drop down list with text options, i.e.: "The Glacier Bar." **
I don't know what "The Glacier Bar." is but if you're referring to a combination select field/text field (ie. combo field) like found in Windows appliance's, no. Such a form field is not part of the HTML specification which is what CalendarScript uses to generate its pages.
** the event field would display the text option selected but as hyperlinked text **
That would require customization of the display template, hard coding the HTML you wanted used for that field. You can read how to access the individual event details on the 'Event View' display in the following forum message: Break apart event title and description.
JFYI
Dan O.
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