this might sound stupid but is there "Option Select" in KOF? Not that I remember...
ryo parry?
i guess i wouldn't consider that as an option select, since it only deals with one type of threat (non-DM striking). coupled with the fact that you have to choose between high and low and it also loses to throws. otherwise, by that example, any counter-type move would be considered an option select.
i guess for some of the older games f+C/f+D might be considered a pseudo-option select against tick throws/jump-in mixups. after the tick you'd break the throw/throw them/hit or force block of a s.C/s.D if they stagger pressure or feint.
KOF doesn't really use option selects as far as i can remember compared to other fighting games since you have evasive actions and pretty good options on block (GCCD/GCR) anyway.