Attaching LOV to a field on seeded form

Hi,

Can you please let me know how we can achieve the following functionality -

On item master screen in Inventory module, we access the Item catalog screen by navigating to Tools=>Item Catalog

The fields displayed on the screen are - Name and Value of element.

Currently there is no LOV attached to the 'Value' field. It is a free text field.

The client wants us to attach a LOV to the 'Value' field.

We can change the query in an exisitng LOV through personlization. However if no LOV exists for that field then we cannot create a new one dynamically.