I assume you use some hook, provided by Gravity Forms, to run your code. An appropriate one would be gform_after_submission, which provides your callback both with the form object and the entry object. The form object contains all the fields of the submitting form, with all the field names, the entry object contains the submitted values.
You can loop through the form fields with a simple foreach.
foreach( $form['fields'] as $key => $field ) {
...
}
The field object that we retrieve above, contains all the settings of the form fields, so you can find your particular field by checking for one of them, e.g. id or label. Because that field is a dropdown field, it contains even a choices array, with the label, the value and a default flag. You retrieve the label of a particular choice like this:
$label = $field['choices'][0]['text'];
The last thing to do is to read the entry object to get the submitted selected choice. Since you know the $field['id'], you simply get the submitted value like this:
$submitted_value = $entry[ $field['id'] ];
With the submitted value of the field you can check which of the choices in the field array has been selected and get both text and value of this choice.
