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ksparkspar 

custom objects as custom picklists

I want to create a custom object that identifies our domain-specific industry sectors.
When creating a Lead, the person would select one of the sectors from a lookup.
Underneath, using the Web Services API, we'd extract the code number (that the user
doesn't see).

Is this a legit use of custom objects? If anybody can point me to an example,
that would be greatly appreciated. I'm trying to avoid using a generic picklist
and doing string matching on the back end in order to insert the right code in our
database.

Thanks,
David