Unless I'm missing the information, it would be nice if there was some pop-up message that indicated that a character limit has been exceeded when creating drop-down values; and/or the character limit could be expanded above 100; background is I (and others) spent lots of hours trying to figure out why some of my drop-down values showed up as drop-down options, but weren't showing up as filtering possibilities, and discovered that my values that were over 100 characters prevented them from showing up.
This goes same with Contact List (Restricted Value) - it only shows up to 100 and can't scroll more than that.