Now I want to handle the event of a user selecting one of the values from the drop down list. I've added a ToolClick event handler as such:
Handle the ToolValueChanged event to get notified when a new value is selected from a combo box tool. The Tool on the event args will indicate the tool whose value has changed and the current Value of the tool will be the value that was just selected. However, you will need to cast the Tool to a ComboBoxTool before accessing the Value property.