Dynamic Text Field in catalog item

Is it possible to create a dynamic text field below a select list field in a form that will display certain text depending on the drop down selection?

For example . I would like to see when the Layout is chosen the Layout description to be displayed below.

Display the layout description when layout is chosen in the catalog item

Not specifically in a text field currently. The only dynamic fields/scripting available at the moment is in inputs which use an option list. You could have a input of the select type which rendered the Layout Description via option list and potentially disable that field’s dropdown (so it could not be clicked) using custom CSS.