If you specify the "select" type it is required to indicate the "Value" field, which stores an array of objects:

{
    DeviceType: "HTTP",
        Parameters:[{
        Name: "Host"
    },
        {
            Name: "Port"
        },
        {
            Name: "Type",
            Type: "select",
            Value: [
                {
                    Caption: "1 bit",
                    Data: "00"
                },
                {
                    Caption: "2 bit",
                    Data: "01"
                },
                {
                    Caption: "4 bit",
                    Data: "03"
                }
		]
		}
]
}