Since the “Use lookup table” affect both view and edit tags, wouldn’t it be better to be put maybe at the top under the “Fields” tab, just beside the “General”, “List Page”, “View Page”… (a checkbox for each field)?
Because of its position, it never came to me that it’d affect the view tag too. I have been writing C# code in the “Custom View Tag” field just to show a value from a lookup table.