Arising from today's ATOP meeting with @sydb and @HelenaSabel:
It is possible to put a <valList> as a direct child of <elementSpec>, in which case the current Stylesheets make its <valItem>s the possible values for its content; or you can put a <valList> inside the <content> element, to get the same result. The former is problematic because it's not clear how the child <valList> could or should combine with a sibling <content> element.