Solved it!!! Boy it was tough. Gravity Forms Support gave me some help, but really it was trial and error, and sleep! Here is the answer in case anyone is interested:
jQuery(document).ready(function($) {
$("tr").live("change", function popstuff() {
var str = "";
$("td.gfield_list_1_cell4 select option:selected").each(function() {
str = $( this ).text();
$(this).closest("tr").find(".gfield_list_1_cell5 input").val( str );
});
})
.trigger( "click" );
gform.addAction( 'gform_list_post_item_add', function ( item, container ) {
popstuff();
} );
});