A good resource on questions like this is the Tasker UserGuide (link goes to the "actions" page here). Quoting:
Show a selection dialog and perform a different action depending on which item the user selects.
Sounds like exactly matching your purpose, though I haven't tried it. You can even specify a default action, which then would be executed on timeout as well (i.e. when you didn't notice the menu "in time").
The Menu Element belongs to Tasker Scenes. Please refer to the UserGuide Index and check the "Scene" section for closer information, if needed.
You should be able to combine (or wrap) this with an IF statement in case you only want to be asked on a given condition like "Display On".