Как то так?:
<%= Html.DropDownList("state", new[] { "Alabama,AL", "Alaska,??", "American Samoa,??", "Arizona,??", "Arkansas,??", "California,??", "Colorado,??", "Connecticut,??" }
.Select(x => new SelectListItem {
Text = x.Split(',')[0],
Value = x.Split(',')[1],
Selected = x.Split(',')[0] == "Alabama"
})
) %>