Dropdown default option

It would be possible to filter the form element with wpmem_register_form_rows.

But the 3.1 version that is being worked on now it specifically focused on expanded control over forms and fields, so in the 3.1 release you’ll be able to set it in control panel.

Any eta on when this update will be available?

It sounds cliche or maybe snarky and that’s not intended, but… As soon as it is done and tested.

I’m guessing that will be near the end of the month or early March. It is a very large update and will be adding new features for managing form fields with additional support for some field types that are not there now, as well as laying the groundwork for future improvements/features.