Answer
Not with a Reference-type field specifically — that type inherently requires picking from the LOV, with no free-typing option. Instead, create the custom field as a plain persistent Text-type field (so users can type freely, with no LOV lookup delay), and add a Custom Event triggered on insert/update that validates the entered value against your allowed list, raising a blocking error (for example, via Error_SYS.Record_General) if it doesn't match. This gives you the fast free-typing experience the users want while still enforcing the same validation at save time that the LOV would have provided.