SharePoint Choice - Make Choice Column a File Selector?

I have a choice column in a SharePoint list which is a "template selector"  Is there a way to make a choice colum reference a document library.  The document library contains templates.  I want to be able to select the template to use.  What would happen is, a user would create entries to populate an employment contract but the user would also have to select the template.  We have like 50 templates and I am just trying to figure out a way where we can lookup the most recent templates in a repository so that its the latest one and then it would allow the user to select it through a drop down.  Is this possible?