You want a generic solution, so tag the more option and the hidden items with classes.
It turns out you cannot consistently style-out options in a select across browsers, so you need to dynamically alter the list options: Refer to this question: How to hide a <option> in a <select> menu with CSS?
Final solution (append elements from another hidden select):
HTML:
Select One   
<select class="hidden">
    <option>Item4</option>
    <option>Item5</option>
    <option>Item6</option>
    <option>Item7</option>
<select>
<select>
    <option>Item1</option>
    <option>Item2</option>
    <option>Item3</option>
    <option class="more">More</option>
</select>
jQuery:
$('select').change(function(){
    var $select = $(this);
    if ($select.val() == "More"){
    $('.more').remove();
        $select.append($('.hidden').children());
    }
});
Previous info:
Then on then select change event you hide the more option and show the hidden elements:
$('select').change(function(){
    var $select = $(this);
    if ($select.val() == "More"){
    $('.more').hide().prevAll('.hidden').show();
    }
});
There appears to be a weird bug in selects as the last item is always visible (even when styled out!). I added a blank entry to fix this for now. This is also why I did not place the hidden items after the more as the last one always shows (what a strange bug - have asked that as a new question: Why is last select option always shown, even when styled out).
You will also want to clear the selected value of "More" as that will no longer exist.
$('select').change(function () {
    var $select = $(this);
    if ($select.val() == "More") {
        $('.more').hide().prevAll('.hidden').show();
        $select.val('');
    }
});
Followup:
Based on my related question, I was pointed to this one: How to hide a <option> in a <select> menu with CSS? Apparently you cannot style out select options consistently, so adding the items to the list dynamically would be the ideal solution.
 
        
        
list with onclick?](http://stackoverflow.com/questions/17561093/how-to-show-and-hide-a-simple-ol-list-with-onclick)
– Izzy Aug 04 '14 at 09:27