If I have new values to add to a custom field select list once the field has been saved and used is there a way to add new values to the list of selections in the select field without losing existing data?
Yes, that's possible. All you have to do is go to Settings > Issues > Custom fields and locate your field, then click on the three dot menu on the right and select Contexts and default values. From here you can add/remove/change the options.
Thank you very much. I am reviewing JIRA as a potential solution and did not understand the reference to "context". This would have been a "show stopper", as is I can still move forward.
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