We are working hard on V3, and I am sorry that I cannot give a firm date. For V3, you will be required to have both the Free version of V3, and the Pro version will be an addon. The free version is 90% done, we are just working on the UI to bring it in line with current WordPress core coding look and feel.
V3 Pro addon will come shortly after that. I think we have done the hard work, but ‘finishing’ is always time consuming.
We are estimating two months, but I cannot be sure about that.
You are using a combobox. Find our plugin settings, and find the combobox one and change it from Chosen to Select2. Select2 is better and will be the default in V3.