I assume it may have something to do with a DIV or a CLASS entered somewhere in the form or input, but I can't get the font-size or size of menu itself to shrink. Does it have anything to do with <form style="CSS/TEXT"> or something similar? Any help is much appreciated.
Apply your font style to the <select> tag instead of the <option> tags and it should work. In IE the height is governed by its contents (smaller font - smaller <select>). I *think* you can alter the the height in Opera. A width can also be applied to the <select> tag, but Netscape 4 will not pick this up (although there is a Netscape 4-specific HTML tag to do this I believe).
Borders can be altered (again, applied to the <select> tag) and these changes will display in Netscape 6+/Mozilla etc., but not IE. Not sure about Opera.
Font style applied to the <form> element will be picked up by Netscape 4, which won't see the styles if they are applied to the <select>.
That about covers it. You can't change the colour or style of the <select> arrow as this is created by the OS (and will look different across OS's).