Can you please confirm if you wish to link to
Tridion published pages and/or
External linked pages?
When you say you wish to use a page select option are you meaning a standard Tridion dialog to present pages or an externally managed application presenting 'controlled' URLs?
When you say a field in a schema are you expecting the user to trigger this from editing
- a component field in the GUI dialog,
- a Rich Text Field in the GUI dialog,
- or are you considering this in the context of a Rich Text Field in a SiteEdit (or later version being XPM) context?
Your question is far from clear. You've not even indicated the version of Tridion you are questioning. I suggest you update with at least what your expected main use case is for clarity.
With regards your question on Dynamic Linking I'd recommend this Alvin's post at http://www.createandbreak.net/2012/05/how-to-remember-tridion-dynamic-linking.html