I'm trying to import our item database into a custom drop down list. Is there a way to do this that I am missing?

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For what its worth i got a reply from support that they can do this for you if you contact them.
Yeah you can’t do it copy-paste from excel like you can in many places in zzTO. Yeah support helped me too import our WBS list.
Hi, I was able to do this for Jared yesterday. He created a csv file of the code and value columns for all the rows needed in a custom property. Then I was able to convert this into a script on my mac that clicks the + button while editing a custom property, presses tab, types the code from a row in the csv, presses tab, types the value from the csv, then start again on the next line from the csv. Its not the fastest but it does automate the import process.