I don't think there's a way to get the display column from the formcollection. Basically, the formcollection is an easy way to interrogate the Request object (Request.Form, Request.QueryString, etc.) and the only thing that goes into that are values from input fields.
If you really need to get the display text, you would have to get it from whatever collection you bound the list with and access it via the key (your selected value from the formcollection). For example, if it's a dictionary collection that you bound to the list, use that same dictionary to lookup the value based on the key.
I would need to know more information as to how you're binding the dropdown to help you further.