Is there a limit in TBE on how many picklist items can be in a picklist?

Summary

Being asked to create a picklist with 400+ choices and before I get started need to make sure there is not a limit

Content

We have been requested to add a field to Taleo that will store the identifying numbers assigned to the newly budgeted positions in this fiscal year.  When a requisition is created for a newly budgeted position, the creator will need to choose the correct budget id number from the pick list.  There are over 400 budgeted new jobs.  The Adminstrator will need to manually move the used picklist number to inactive once that requisition is filled. Aside from the obvious concern that this is way too many entries to have to scroll through in a picklist, and this is way too manual of