char* options4[] = {"hMin1", "hMax1", "refr1", "fSpeed1"};

int option = 0;
float variable = 82.0;

if(Serial.available() > 0) {
  key = Serial.read();
  if(key == back) {
    return;
  } else if(key == fwd) {
    float newVar = adjust(String(options4[option%4]), variable);
  } else if(key == down) {
    option++;
  } else if(key == up) {
    option--;
  }
}

float adjust(char* str, float var) {
  ...do some stuff...
  display.print7Seg(str, 8);
  ...do stuff to var...
  return var;
}