Figured it out..
To add an additional value to the Term* field you will needto go to the SYS:Menu Items Form. To add Additional Values fill out the form as per the below screenshot. The Menu Label 1 and Menu Value 1 would be the new selectionValue.
-note the Selection Code* field is a read only field bydefault. You will need to go into DevStudio and set it to read/write to set this value.