You could try something like this...
For each indicator (and control, but see note below on controls) put a transparent button over them that are in a "switch" mechanical action, the user is then pressing these buttons when they click on the indicators/controls (they don't know they are clicking a button since it is transparent) and when they press the "Show Label" button you programatically show the labels for each of the selected ones.
The problem on controls is this, if you put a button on top of the control, you can no longer "control" it since you are controlling the button and not the actual control. To get around this you can have a "Show Label Mode" that when active places these transparent buttons over everything, when the "Show Label Mode" is not activ
e you can move all the transparent button off screen somewhere.
It sounds like a lot of hassle to do this, but we use to use transparent buttons all the time to get things to happen, i.e. "Click on graph to enlarge" calls a subvi with a larger graph.
Let me know if this works or if it isn't worth the "feature".
--Eldon