Yes - as an admin, go to issues -> custom fields, and click "add". Answer the initial questions about name, starting content (options) and screens, save it and you'll have the field on your issues.
To add/update/de-activate/delete options later go back to admin -> custom fields, and change the config of the field
There is a way to manage labels if you use the plugin "Label Manager for JIRA" https://marketplace.atlassian.com/plugins/rs.codecentric.label-manager-project/server/overview
You as an Project admin or JIRA Admin can manage which items are available project based.
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