When you say that you want to compute the values for the combo box do you mean that you have a table of values and labels somewhere and want to populate the combo box with them. What I have done is build a multi-value viewScope variable and I build the list to look like this:
Label1|value1
Label2|Value2
etc
Then bind the combo to the viewScope. Compute the values in the beforePageLoads event so it only computes once in the page life. I'm pretty sure the values could also be computed it a JAVA bean and bound to the Combobox but I have never tried that yet. Probably should.