I'm not exactly sure what you mean but if you just want to get the SelectedValue for the SelectedItem try using the ComboBox's SelectedIndexChange event. Something like this...
private void itemselect_SelectedIndexChanged(object sender, EventArgs e)
{
textBox1.Text = string.Empty;
if (itemselect.SelectedIndex > -1)
{
textBox1.Text = itemselect.SelectedValue.ToString();
}
}