Problem: Some select options' text can stretch wider than the select element.
Solution: Check the text of each select option and shorten if text length is wider than allowed for the select element.
Requirement: <select> element must have a 'max-width' in pixels set. Why? This code reads the max-width value to decide the character length to allow for option text.
Added feature: Shows the entire text of the selected option in a tooltip when user moves mouse over collapsed select element.