You could use a helper cell to show the format:
=TEXT(A1,IF(ABS(A1)>1,"$#,##0.00","0.00%"))
Or you could use a custom format:
[<-1]$#,##0.00;[<=1]0.00%;$#,##0.00
(I'd turn off tools|options|Edit tab|"enable automatic percent entry", though.)
> I'm trying to set a cell format to either $ or % determined by the value
> input by the selection of one of two lists dependent on a $ or % selection
[quoted text clipped - 6 lines]
> due to their larger size. The version is Excel 2000. Any assistance is
> appreciated.

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Dave Peterson