One possibility:
VblNames = {'A' 'B' 'C5' 'D'};
VblVals = {2, 4, 10, 2};
idx = nchoosek(1:size(VblNames,2), 3);
Out = {VblNames(idx); VblVals(idx)};
Out{:}
ans =
'A' 'B' 'C5'
'A' 'B' 'D'
'A' 'C5' 'D'
'B' 'C5' 'D'
ans =
[2] [ 4] [10]
[2] [ 4] [ 2]
[2] [10] [ 2]
[4] [10] [ 2]
