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Custom Formula Part Number field = 1st Product added to opportunity

I would like to create a custom formula field called Part Number and i would like this field to display what ever the first Product or in many cases the only product which i added to an opportunity is.
I assumed this would be as simple as Part_Number = Product............problem is that product is not one of the fields which i can select from the drop down menu in advanced formulas.
What is the data type for your product field? Also, what is your formula return type? I believe these factors will make a difference in terms of which merge fields you will see.