Say I had a ComboBox with these values:
Black
Red
Blue
And I have Red
currently selected. If the user then hits backspace and
The way you are doing is fine. You have to keep the selected index in memory because it returns -1 as the SelectedIndex when the text is deleted. You could take the index in this way too.
private void myComboBox_SelectedIndexChanged(object sender, EventArgs e)
{
currentMyComboBoxIndex = myComboBox.SelectedIndex;
}