Thanks for the response, David. The reason I brought up this question in the first place, was that one of our clients was having an issue where the aforementioned selection lines would appear differently on one workstation (Windows 7). I.e. instead of a dashed line, she would see a solid thick line, and therefore wanted to change that. At the same time, the client was saying that in the past she had seen similar issue before and was able to change the appearance. At the end, it turned out that it was not something you change within ArcGIS, but rather a result of Windows setting:
1) Right-click on the desktop and select �??Screen Resolution�?�
2) Select the �??Make text and other items larger or smaller�?�
3) Settings other than default (i.e. 100%) will make dashed lines to appear as a solid line.
Other than that, David was right - there is no way to control element selection line appearance. So I'll follow the suggestion and post a note on Esri Ideas web-site.
Thanks,
Max