hice lo que dices y funciona bien
pero hay un problema que no deja modificar la listbox
el combobox lo tengo en formulario1 y el listbox lo tengo en un formulario 2
Según el Microsoft si usas
datasource no puedes eliminar ni añadir ítems al Listbox mediante ListBox.ObjectCollection.
ListBox.Items (Propiedad) You can also manipulate the items of a ListBox by using the DataSource property.If you use the DataSource property to add items to a ListBox,
you can view the items in the ListBox using the Items property but you cannot add or remove items from the list using the methods of the
ListBox.ObjectCollection.
No te compliques y usa
For Each 
En el Load del Form2 lo llenas con el contenido del combobox.
Private Sub Form2_Load(sender As Object, e As EventArgs) Handles Me.Load
ListBox1.Items.Clear()
For Each Items As String In Form1.ComboBox1.Items
ListBox1.Items.Add(Items)
Next
End Sub
Cuando cierres el form en el evento closing actualizas el combobox con los cambios que has hecho en el listbox
Private Sub Form2_FormClosing(sender As Object, e As FormClosingEventArgs) Handles Me.FormClosing
Form1.ComboBox1.Items.Clear()
For Each Items As String In ListBox1.Items
Form1.ComboBox1.Items.Add(Items)
Next
End Sub
EJEMPLO:
Public Class Form1
Private Sub Form1_Load(sender As Object, e As EventArgs) Handles MyBase.Load
ComboBox1.Items.AddRange({"Hoy", "Es", "Miércoles"})
End Sub
Private Sub Button1_Click(sender As Object, e As EventArgs) Handles Button1.Click
Form2.ShowDialog()
End Sub
End Class
Public NotInheritable Class Form2 : Inherits Form
Friend Shared WithEvents Button1 As New Button 'Crea un botón con eventos
Friend Shared WithEvents ListBox1 As New ListBox 'Crea un botón con eventos
Sub New()
Button1.Location = New Point(10, 120)
ListBox1.Location = New Point(10, 10)
Me.Controls.AddRange({Button1, ListBox1})
End Sub
Private Sub Form2_FormClosing(sender As Object, e As FormClosingEventArgs) Handles Me.FormClosing
Form1.ComboBox1.Items.Clear()
For Each Items As String In ListBox1.Items
Form1.ComboBox1.Items.Add(Items)
Next
End Sub
Private Sub Form2_Load(sender As Object, e As EventArgs) Handles Me.Load
ListBox1.Items.Clear()
For Each Items As String In Form1.ComboBox1.Items
ListBox1.Items.Add(Items)
Next
End Sub
Private Shared Sub Button1_Click(sender As Object, e As EventArgs) Handles Button1.Click
ListBox1.Items.Add("y a mi que")
End Sub
End Class
y si quieres puedes usar datasoruce en llugar de For Each en el Closing del Form2 para el combobox.
Private Sub Form2_FormClosing(sender As Object, e As FormClosingEventArgs) Handles Me.FormClosing
Form1.ComboBox1.DataSource = Nothing
Form1.ComboBox1.DataSource = ListBox1.Items
End Sub