If you want to display text that doesn't obscure the mouse, you should use the control's BOOLEAN TEXT property, not the Label or Caption. The STOP / CANCEL buttons have this ON by default, switches and lights have it OFF by default, but you can turn it on or off at will.
The BOOLEAN text does not interfere with the mouse.
You can set both the on and off value to the same thing if you need to.
As far as saving your work, you could write a program to loop over all your panel's controls and move the caption into the boolean text, but I doubt if it would do everything you need, and might be more hassle than just re-doing the controls.