Here is what I do... not completely sure if it is what you want. If by "blank" you really mean NULL in the sense that the field will be changed from whatever value it is currently into NULL and not just leaving it unmodified, then the "None" value I have is what you are talking about. I also use a "No Change" value that is processed on the next page to indicate that the field should not be modified.
<select name="first">
<option value="No Change">**No Change**</option>
<option value="None">*None*</option>
<?php while ($row_info = mysql_fetch_assoc($queried_info)) { ?>
<option value="<?php echo $row_info['field']?>"> <?php echo $row_info['field']?></option>
<?php } ?>
</select>
I'd also like to point out real quick that in my case, I needed to three drop down menus that each displayed the same information, so I needed to put
<?php mysql_data_seek($queried_info, 0); ?>
in between my menus to reset the data properly and keep each menu the same length. When I didn't do this, sometimes I would get blank spaces in the bottom two menus but no spaces in the top.
Anyway, you could also have "None" be set with the value 'NULL', but I just did it this way and processed all the info on the next page. Since none of the values in my table would ever be "None", I won't have to worry about that being duplicated in the drop down. On the next page, I just have an if statement that inserts NULL into a field if "None" was submitted to the form.
Hope this is what you were looking for.