I have a small application that iterates over the results of a "Saved Search" retrieving the values from several Custom Columns(simplified example):
var results = searchResults.Select(a => new
X = ((SearchColumnBooleanCustomField)a.basic.customFieldList
.First(b => b.scriptId == "custentityX")).searchValue
Y = ((SearchColumnDateCustomField)a.basic.customFieldList
.First(b => b.scriptId == "custentityY")).searchValue
Z = ((SearchColumnSelectField)a.basic.customFieldList
.First(b => b.scriptId == "custentityZ")).searchValue.name
As far as I know, the web service response will only contain the internalId and typeId for a SearchColumnSelectCustomField. In order to get the name, you'll have to first query NetSuite to find all custom lists and their values.
You can do this using a CustomListSearch and set the bodyFieldsOnly search preference to false. Pass in no criteria to the CustomListSearch and you'll be returned every custom list and their values. Just store there results in memory and reference it when reading the column values from your saved search.