Actually as I started playing around with Launcher Pro I ran across multiple ways to get close to what I want. Somewhere I ran into its "Activities" available in the home screen shortcut menu, during a posting I found which mentioned how to turn on the Ally camera LED (which all of the flashlight apps I had tired pre-rooting failed to do). So now I can do that with a single tap to a shortcut. It uses the com.lge.LGHiddenMenu / Flash LED On/Off activity selection, set as a Lancher Pro shortcut icon. (There are oodles of things to explore in there!)
So in similar operation I made a shortcut/activities/GMail/GMail Label as the 'label' for each screen. It looks like a little luggage tag icon and lets me display up to 11 characters as its "icon text". Not exactly what I wanted, but it works.
I was browsing a website with android apps last night (some of which are also on the market) and saw one called Minimalistic Text. That does exactly what I wanted, but they do not allow you to make a custom text display with just text. All their options are tied to the clock or calendar.
So for now I guess I'll stick with the GMail Labels.
Zoandroid