Assuming that the dropdown selection is one element, the roll happens at the time the macro is run, and the item level is a given attribute on a character, it should work. It's impossible to answer more succinctly without more details, such as which sheet you are using. This is a barebones example.
[[?{Select option|1}*1d20-8+@{Bob the Barbarian|itemlevel}/2]]
It would allow the user to select "1" from a drop down, multiply it by (1d20-8), and add the value for the attribute "itemlevel" on a character named "Bob the Barbarian".