The initial thread I posted was here:
http://www.gravityhelp.com/forums/topic/need-to-remove-the-the-price-in-the-drop-down-and-only-display-label
Carl stated in the previous thread and in an email,
...it is a feature that has been requested a few times so we are going to add it to the next development sprint that we will begin tomorrow and will get it included in the next release.
Fortunately, I saw in the v1.6.3.3 changelogs that it appears the GF team has resolved the issue but I'm not sure how to implement it with a hook or filter.
This was the feature they added in the recent upgrade:
Added javascript gform_format_option_label javascript hook to allow option price to be manipulated or disabled.
I wanted to get rid of the + $price in the options drop down and only show the label:
http://alfiecooper.com/product/paint-by-number/
I've submitted a Priority Support ticket and I'm sure I'll hear back today but trying to expedite and share the solution with the community.
Thanks!