I've never heard of a way that the list-item of the option tag is sent as data upon script submission.
One way you could do it, is possibly:
<select name="emails">
<option value="blah@blah.com,Person 1>Person 1</option>
<option value="blak@blah.com,Person 2>Person 2</option>
</select>
Then after submitting the form do:
$array = explode(",", $emails);
and get a 2 fielded array.
$email = $array[0];
$name = $array[1];
That might be a dirty way to do it, but theoritically I think it could work, though I haven't tested or tried this.