Thanks for the quick reply and for providing multiple suggestions, Keith! For now, I’m just going to go the jQuery route. I’ll update this post if a better solution arises.
I realized that it wasn’t actually ‘placeholder’ text I wanted to change. It is, instead, the text content of the first select option. This is what I’m currently using:
jQuery('select option:contains("- Select -")').text('State');
Thanks again!