The text is whatever the toggle folder is called. If you ssh into your iphone and go to /var/mobile/library/SBSettings/toggles you can change the names of the individual folders to whatever you want and that name will appear under the toggle. I dont think there is any way to make the text completley disappear, the best i could think of is to us a single period or make the background the same color as the text so it just blends in.
If you change the text on toggles with thier own icon, you must also change the name of the folder in your theme otherwise the icon will not show. look at the image I attached the one that says 3 is the 3g toggle, i didnt change the name of the theme folder. The one named Dat is the data, I also changed the name of the theme folder. The one with 3 dots is the Airplane toggle, i put in a bunch of spaces with a period at the end and it displays 3 dots(too
long).