sub selectify {
    my $values = shift;
    my $labels = shift;
    my $selected = shift;
    my %selected = map {$_ => 1} @{$selected};

    return [map {
         {
            value => $_,
            label => shift @{$labels},
            selected => $selected{$_} || "",
         }
    } @{$values}];
}

##</code><code>##

$template->param(foo_loop => selectify(\@values,\@labels,\@selected));

##</code><code>##

<select name="foo">
<tmpl_loop name="foo_loop">
  <option value="<tmpl_var name="value">"<tmpl_if name="selected"> selected="selected"></tmpl_if>>
    <tmpl_var name="label">
  </option>
</tmpl_loop>
</select>

##</code><code>##

<select name="foo">
<tmpl_loop name="foo_loop">
  <tmpl_include name="option.tmpl">
</tmpl_loop>
</select>