I don't know if you can "save as" directly from the drop down menu, however the following macro will do what you want:
Private Sub Workbook_BeforeSave(ByVal SaveAsUI As Boolean, _
Cancel As Boolean)
Dim rngPullName As Range
Dim strSavePath As String
Application.DisplayAlerts = False
Set rngPullName = ThisWorkbook.Sheets("Name of the sheet or sheet #").Range("Cell that holds the name you want to use")
strSavePath = ThisWorkbook.Sheets("Name of the sheet or sheet #").Range("Cell that holds the path you want to use ")
Calculate
ActiveWorkbook.SaveAs Filename:=strSavePath & rngPullName & ".xls"
If ThisWorkbook.Saved = True Then
Cancel = True
End If
Application.DisplayAlerts = True