I've been messing around with the Info.plist (AWESOME that it can be done using CSS as a web designer) trying to re-position the Undocked Icon Labels using this code:

<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
	<string>color: white; text-shadow: 0.1em 0.1em 0.2em black; position: absolute; top: 5px</string>
	<string>color: transparent</string>
However, although it works, the labels cut off at the bottom. Is this a MobileSubstrate issue that needs to be patched or is there an actual solution / workaround to this?