ie, make a Label, but give it a reference code, then you might be able to setup a host-side sysEx command to send the ref code and a string, which then could update the label.
Good only when you're the programmer of the host, but it sure would be cool to be able to send status info to MD. In my case, I'm controlling my graphics engine, so I could send the name of the current texture, name of the current shape, etc, and see it on the iPad, etc...