Total Character Limit for Multiple Items

[shaun-borlinghaus]

We have a picklist field that allows multiple items to be checked for inclusion. The total list has over 200 items or so with varying lengths of items. I can select items up until it reaches a total character limit of 240 characters across all selections. Is there a configuration option that will allow for a total character selection of larger than 240 characters? Once it reaches 240 total it shows "The value for field 'field name' is too long." and "Set the field Filed Name to use suggested values rather than allowed values". I've altered the "set maximum display length for each option's label" to a random number above 240, but it looks like that is only a limit per each individual picklist option.