diff --git a/packages/components/src/custom-select-control-v2/custom-select.tsx b/packages/components/src/custom-select-control-v2/custom-select.tsx
index 9ae402d37f40d9..05d548d4958cfc 100644
--- a/packages/components/src/custom-select-control-v2/custom-select.tsx
+++ b/packages/components/src/custom-select-control-v2/custom-select.tsx
@@ -92,7 +92,7 @@ function _CustomSelect(
 	} = props;
 
 	return (
-		<>
+		<Styled.SelectWrapper>
 			{ hideLabelFromVision ? ( // TODO: Replace with BaseControl
 				<VisuallyHidden as="label">{ label }</VisuallyHidden>
 			) : (
@@ -116,7 +116,7 @@ function _CustomSelect(
 					</CustomSelectContext.Provider>
 				</Styled.SelectPopover>
 			</InputBase>
-		</>
+		</Styled.SelectWrapper>
 	);
 }
 
diff --git a/packages/components/src/custom-select-control-v2/legacy-component/index.tsx b/packages/components/src/custom-select-control-v2/legacy-component/index.tsx
index 43f102e6ee0493..d0e7eddcfb4460 100644
--- a/packages/components/src/custom-select-control-v2/legacy-component/index.tsx
+++ b/packages/components/src/custom-select-control-v2/legacy-component/index.tsx
@@ -3,7 +3,10 @@
  */
 // eslint-disable-next-line no-restricted-imports
 import * as Ariakit from '@ariakit/react';
-
+/**
+ * WordPress dependencies
+ */
+import { useEffect } from '@wordpress/element';
 /**
  * Internal dependencies
  */
@@ -34,24 +37,33 @@ function CustomSelectControl( props: LegacyCustomSelectProps ) {
 			// Executes the logic in a microtask after the popup is closed.
 			// This is simply to ensure the isOpen state matches that in Downshift.
 			await Promise.resolve();
+
 			const state = store.getState();
 
+			const option = options.find( ( item ) => item.name === nextValue );
+
 			const changeObject = {
-				highlightedIndex: state.renderedItems.findIndex(
+				highlightedIndex: state.items.findIndex(
 					( item ) => item.value === nextValue
 				),
 				inputValue: '',
 				isOpen: state.open,
-				selectedItem: {
-					name: nextValue as string,
-					key: nextValue as string,
-				},
+				selectedItem: option!,
 				type: '',
 			};
+
 			onChange( changeObject );
 		},
 	} );
 
+	useEffect( () => {
+		// This is a workaround for selecting the right item upon mount
+		if ( value ) {
+			store.setValue( value.name );
+		}
+		// eslint-disable-next-line react-hooks/exhaustive-deps
+	}, [] );
+
 	const children = options.map(
 		( { name, key, __experimentalHint, ...rest } ) => {
 			const withHint = (
@@ -121,4 +133,15 @@ function CustomSelectControl( props: LegacyCustomSelectProps ) {
 	);
 }
 
-export default CustomSelectControl;
+export function ClassicCustomSelectControlV2Adapter(
+	props: LegacyCustomSelectProps
+) {
+	return (
+		<CustomSelectControl
+			__experimentalShowSelectedHint={ false }
+			{ ...props }
+		/>
+	);
+}
+
+export default ClassicCustomSelectControlV2Adapter;
diff --git a/packages/components/src/custom-select-control-v2/legacy-component/test/index.tsx b/packages/components/src/custom-select-control-v2/legacy-component/test/index.tsx
index 825a9b63464ca4..6089dbfee1eebc 100644
--- a/packages/components/src/custom-select-control-v2/legacy-component/test/index.tsx
+++ b/packages/components/src/custom-select-control-v2/legacy-component/test/index.tsx
@@ -14,7 +14,11 @@ import { useState } from '@wordpress/element';
  */
 import UncontrolledCustomSelectControl from '..';
 
-const customClass = 'amber-skies';
+const className = 'amber-skies';
+const style = {
+	backgroundColor: 'rgb(127, 255, 212)',
+	rotate: '13deg',
+};
 
 const legacyProps = {
 	label: 'label!',
@@ -26,7 +30,7 @@ const legacyProps = {
 		{
 			key: 'flower2',
 			name: 'crimson clover',
-			className: customClass,
+			className,
 		},
 		{
 			key: 'flower3',
@@ -35,15 +39,18 @@ const legacyProps = {
 		{
 			key: 'color1',
 			name: 'amber',
-			className: customClass,
+			className,
 		},
 		{
 			key: 'color2',
 			name: 'aquamarine',
-			style: {
-				backgroundColor: 'rgb(127, 255, 212)',
-				rotate: '13deg',
-			},
+			style,
+		},
+		{
+			key: 'aquarela-key',
+			name: 'aquarela',
+			className,
+			style,
 		},
 	],
 };
@@ -53,7 +60,9 @@ const ControlledCustomSelectControl = ( {
 	onChange,
 	...restProps
 }: React.ComponentProps< typeof UncontrolledCustomSelectControl > ) => {
+	const { value: overrideValue } = restProps;
 	const [ value, setValue ] = useState( options[ 0 ] );
+	const initialValue = overrideValue ?? value;
 	return (
 		<UncontrolledCustomSelectControl
 			{ ...restProps }
@@ -63,7 +72,7 @@ const ControlledCustomSelectControl = ( {
 				setValue( args.selectedItem );
 			} }
 			value={ options.find(
-				( option: any ) => option.key === value.key
+				( option: any ) => option.key === initialValue.key
 			) }
 		/>
 	);
@@ -148,7 +157,7 @@ describe.each( [
 		// assert against filtered array
 		itemsWithClass.map( ( { name } ) =>
 			expect( screen.getByRole( 'option', { name } ) ).toHaveClass(
-				customClass
+				className
 			)
 		);
 
@@ -160,7 +169,7 @@ describe.each( [
 		// assert against filtered array
 		itemsWithoutClass.map( ( { name } ) =>
 			expect( screen.getByRole( 'option', { name } ) ).not.toHaveClass(
-				customClass
+				className
 			)
 		);
 	} );
@@ -286,7 +295,7 @@ describe.each( [
 			expect.objectContaining( {
 				inputValue: '',
 				isOpen: false,
-				selectedItem: { key: 'violets', name: 'violets' },
+				selectedItem: { key: 'flower1', name: 'violets' },
 				type: '',
 			} )
 		);
@@ -302,6 +311,7 @@ describe.each( [
 			expect.objectContaining( {
 				inputValue: '',
 				isOpen: false,
+
 				selectedItem: expect.objectContaining( {
 					name: 'aquamarine',
 				} ),
@@ -328,7 +338,7 @@ describe.each( [
 		await type( 'p' );
 		await press.Enter();
 
-		expect( mockOnChange ).toHaveReturnedWith( 'poppy' );
+		expect( mockOnChange ).toHaveReturnedWith( 'flower1' );
 	} );
 
 	describe( 'Keyboard behavior and accessibility', () => {
@@ -457,4 +467,57 @@ describe.each( [
 			).toBeVisible();
 		} );
 	} );
+
+	// V1 styles items via a `style` or `className` metadata property in the option item object. Some consumers still expect it, e.g:
+	//
+	// - https://github.com/WordPress/gutenberg/blob/trunk/packages/block-editor/src/components/font-appearance-control/index.js#L216
+	//
+	// Returning these properties as part of the item object was not tested as part of the V1 test. Possibly this was an accidental API?
+	// or was it intentional? If intentional, we might need to implement something similar in V2, too? The alternative is to rely on the
+	// `key` attriute for the item and get the actual data from some dictionary in a store somewhere, which would require refactoring
+	// consumers that rely on the self-contained `style` and `className` attributes.
+	it( 'Should return style metadata as part of the selected option from onChange', async () => {
+		const mockOnChange = jest.fn();
+
+		render( <Component { ...legacyProps } onChange={ mockOnChange } /> );
+
+		await click(
+			screen.getByRole( 'combobox', {
+				expanded: false,
+			} )
+		);
+
+		await click(
+			screen.getByRole( 'option', {
+				name: 'aquarela',
+			} )
+		);
+
+		expect( mockOnChange ).toHaveBeenCalledWith(
+			expect.objectContaining( {
+				selectedItem: expect.objectContaining( {
+					className,
+					style,
+				} ),
+			} )
+		);
+	} );
+
+	it( 'Should display the initial value passed as the selected value', async () => {
+		const initialSelectedItem = legacyProps.options[ 5 ];
+
+		const testProps = {
+			...legacyProps,
+			value: initialSelectedItem,
+		};
+
+		render( <Component { ...testProps } /> );
+
+		const currentSelectedItem = await screen.findByRole( 'combobox', {
+			expanded: false,
+		} );
+
+		// Verify the initial selected value
+		expect( currentSelectedItem ).toHaveTextContent( 'aquarela' );
+	} );
 } );
diff --git a/packages/components/src/custom-select-control-v2/styles.ts b/packages/components/src/custom-select-control-v2/styles.ts
index 676a9c1a1ec590..5950639e8abf34 100644
--- a/packages/components/src/custom-select-control-v2/styles.ts
+++ b/packages/components/src/custom-select-control-v2/styles.ts
@@ -14,10 +14,15 @@ import type { CustomSelectButtonSize } from './types';
 
 const ITEM_PADDING = space( 2 );
 
+export const SelectWrapper = styled.div`
+	display: block;
+`;
+
 export const WithHintWrapper = styled.div`
 	display: flex;
 	justify-content: space-between;
 	flex: 1;
+	flex-wrap: wrap;
 `;
 
 export const SelectedExperimentalHintItem = styled.span`
@@ -37,6 +42,7 @@ export const SelectLabel = styled( Ariakit.SelectLabel )`
 	line-height: 1.4;
 	text-transform: uppercase;
 	margin-bottom: ${ space( 2 ) };
+	display: block;
 `;
 
 export const Select = styled( Ariakit.Select, {
@@ -96,6 +102,11 @@ export const SelectPopover = styled( Ariakit.SelectPopover )`
 	border-radius: 2px;
 	background: ${ COLORS.theme.background };
 	border: 1px solid ${ COLORS.theme.foreground };
+	z-index: 9999; // Ensure the popover is on top
+	position: absolute !important;
+	max-height: 400px;
+	overflow: auto;
+	min-width: 100%;
 
 	&[data-focus-visible] {
 		outline: none; // outline will be on the trigger, rather than the popover
@@ -109,6 +120,7 @@ export const SelectItem = styled( Ariakit.SelectItem )`
 	padding: ${ ITEM_PADDING };
 	font-size: ${ CONFIG.fontSize };
 	line-height: 2.15rem; // TODO: Remove this in default but keep for back-compat in legacy
+	user-select: none;
 	&[data-active-item] {
 		background-color: ${ COLORS.theme.gray[ 300 ] };
 	}
diff --git a/packages/components/src/index.ts b/packages/components/src/index.ts
index a824162cb24129..bf42504dde1e34 100644
--- a/packages/components/src/index.ts
+++ b/packages/components/src/index.ts
@@ -63,7 +63,8 @@ export {
 	useCompositeState as __unstableUseCompositeState,
 } from './composite';
 export { ConfirmDialog as __experimentalConfirmDialog } from './confirm-dialog';
-export { StableCustomSelectControl as CustomSelectControl } from './custom-select-control';
+export { ClassicCustomSelectControlV2Adapter as CustomSelectControl } from './custom-select-control-v2/legacy-component';
+export { default as CustomSelectControlV2 } from './custom-select-control-v2';
 export { default as Dashicon } from './dashicon';
 export { default as DateTimePicker, DatePicker, TimePicker } from './date-time';
 export { default as __experimentalDimensionControl } from './dimension-control';