Is it possible to create a saved search for a custom list? Being asked to set up an email alert for when a new list value is created...not sure if that's possible or not.

I don’t think so, but you could maybe achieve the above with a scheduled script, though you’d need to somewhere store something you could use to compare how many values the list had previously.

Interestingly enough, I was just able to get one to happen. I opened a new saved search for another custom record (anything that has searchtype=Custom) in the url, and just changed the record ID in the URL to match that of the custom list in question.

that’s just cheating