This doesn't really answer the question, but I was thinking about how big commercial sites like Dell or NVidia handle things like this. Normally they would never present the user with a drop down that had more than like 10 choices. A lot of times they present a series of screens and ask you more and more granular questions, to narrow down the choice. This could be implemented with a series of drop downs that are dynamically populated by the previous choice, list boxes, or just a series of pages.
Anyway, I'd try to stay away from pushing the limits of ASP for a drop down, there might be a more elegant solution, if there's any way for you to successively filter down the choices.