Yes, see the Help.pdf file for more info, but you just right click on the icon and choose Change Icon Label. I have a new version on the way with more icons also.
I just tried that, and it does not work on any Windows OS lower than Win 7. I am not sure about Vista or Windows 8. I do not have them to try on. If I do add that menu/sub-menu support it would only work on Windows 7... :(