On the surface, it's as simple as:
<mx:ComboBox id="myComboBox"
dataProvider="{myDataProvider}"
selectedItem="{defaultItem}"/>
When you set defaultItem (make sure it is [Bindable]) to one of the items in the data provider, it will update the control.
But there are problems with this approach. Unless currentDefaultItem always changes AFTER myDataProvider, the binding to dataProvider may undo the selection, reverting to the default (first item in the list).
One way around this is to force selectedItem to be rebound after dataProvider, by including dataProvider in the call providing the selectedItem.
<mx:ComboBox id="myComboBox"
dataProvider="{myDataProvider}"
selectedItem="{getSelectedItem(myComboBox.dataProvider, defaultItem)}"/>
What this does is ensure selectedItem will be rebound when either currentDefaultItem changes, or after the dataProvider changes. I'd be interested in other solutions myself.