Name of the value column - Specifies a column from which the value stored by the selector will be loaded. This must be a unique identifier for the given custom table.
Format of the display name: Determines a format of the item names displayed in the selector. Using macros in format {%ColumnName%} allows dynamically retrieve values of specific items.
So let say your table has ItemID, ItemGUID, EventTypeName, EventTypeDescriptioin etc
Name of the value column will be ItemID
Format of the display name {%EventTypeName%} or [{%ItemID%}]{%EventTypeName%} (if you want to see the id... sometimes it is usefull)
Just a small tip: If you hold the cursor over the name you normally should geta tooltip: