I want to be able to display some text, but also have the text be modifiable via jQuery.
<%= Html.DisplayFor(model => model.DeviceComponentName)%>
Just add a HiddenFor above the column. This will give you a ID to use for what you need. Simple and does the trick for you to grab that value by ID.
<%= Html.HiddenFor(model => model.DeviceComponentName)%> <%= Html.DisplayFor(model => model.DeviceComponentName)%>