At the moment, anyone has access to it.
Wouldn't this drop-down just restrict the usernames entered? So anyone still has access, but now it's just limiting what usernames will be attempted to be hacked?
Usually this "drop-down" on sites (like myspace.com or yahoo Mail) is usually due to mulitple users on the same computer, and the browser remembering who has logged in from that computer. The drop-down isn't created by the site itself, but the browser.