get_terms
ended up bring a more customizable solution which is working for my needs. I was able to easily add the term IDs to each option as needed. Hope this helps someone else.
<div class="location-cats-dropdown">
<form id="location-category-select" class="location-category-select" method="get">
<?php $loc_cats = get_terms( array(
'taxonomy' => 'location_category',
'hide_empty' => true,
'orderby' => 'menu_order',
'order' => 'ASC',
) );
if ( $loc_cats ) : ?>
<select name="location_category" id="location_category" class="postform">
<option value="0">Byway Categories</option>
<?php foreach( $loc_cats as $loc_cat ) : ?>
<option value="<?php echo $loc_cat->slug; ?>" id="term-id-<?php echo $loc_cat->term_id; ?>"><?php echo $loc_cat->name; ?></option>
<?php endforeach; ?>
</select>
<?php endif;
wp_reset_postdata(); ?>
<input type="submit" name="submit" value="Filter" />
</form>
</div><!--location-cats-dropdown-->