To answer your question:
Is there any possiblity I can do this from the Magento admin or would this require extra development?
No, there is no possibility to do this in the backend. There is no possibility to add or change these strings and no JS is implemented to show these texts.
So yes, this requires extra development
How to do it
Without administration and translation
If the list for the options is not too long and you don't want to administrate it easily or user should do this, you can just add a few lines JS.
- Register onchange-Handler on the
- Add JS-File with the texts
The problem here is, that you can't translate in JS files.
The alternative is to add a template, then you can use magentos translation:
With translation and administration
If you want to have it easily translated in the backend you have to invest a lot of work and write a whole module, extend the attributes and add texts in the backend to be changed