I know there is a ticket related to the subject of reference, but would like to clarify if the outcome will match the following suggestion:
AntonLV has a great mod that allows users great flexibility to create dependant fields. For example, one may add a multiple-option field requesting for a member's school name. If the member's school is not on listed, then he/she may add it. Then, the mod automatically saves the new school name, reorders the database (alphabetical), and it becomes available in the list.
Would the ticket in question allow for a similar action?
Thanks!
PS This ticket needs to be added! 
