Return Text Based On Another Cells Value

I have 5 options that I am designating as "Allocation Methods" for a number of line items. They are numbered 1-5, but i have custom formatted them so that they have text in the formatting. They are as follows;

Allocation Method
1 - Allocation per Hard Cost
2 - Allocation PSF of Proj. or Hotel
3 - Allocation per Loan
4 - Allocation per Parking Spaces
5 - Allocation for Park

I will allocate one of the above allocation methods to every line item in an allocation column by hardcoding 1 - 5 in a cell for each line item. What i cannot figure out (or figure out if it is even possible) is how, for instance, can I type in a 1 and it have it automatically formatted per number 1 above & then if I change my mind to method 2 and type 2 it will automatically format per number 2 above. I know I can do this by creating a reference column right beside by allocation column, but I would prefer not to use that method.