If I am telling you anything you already know, please forgive me. I've been trying to work on issues with the new label tool with the Vectorworks folks and it is extremely frustrating. The tool used to be very intuitive and EASY to edit and make defaults. Now it is FAR from intuitive. And every time I call tech support, they tell me it is a "training issue" and that the tool works as designed and refuse to help me over the phone. Instead, sending me screen shots, when they could have just walked me through it.
With that said… place a drawing label on a sheet.
Right click and select "Locate Plug-in Style in Resource Manger."
Make a copy of it and work on the copy. Right click on the label and select "Duplicate."
Right click on the duplicate and select "Edit."
When the dialog box opens, click on the button "Edit Drawing Label Layout."
The layout for the label will open and you can edit to your heart's content. You can select the text and manipulate various things in the Object Info palette. You can change text styles as well as make the text dynamic or static (user entered). There is no documentation that I can find that helps with the dynamic text. You almost have to have some programming knowledge. I wish they would make it a little more intuitive. Architects, Engineers, and designers need to be concentrating on important things about their designs and not on how the tools work. Life Safety, Planning Commission, Deadlines, Code issues, ADA, etc, etc, etc. The tools to do this should be a little more intuitive.
If someone can help me with an issue I am having with the Drawing Label tool it would be greatly appreciated. I need to know how to set the default Scale Factor of my label to 1.2 and the default Lebel Length Mode to "Control Point." I used the same technique described above, set the parameters, but no matter what I set them to, the tool always defaults to a Scale Factor of 1 and a Lebel Length Mode of "Auto-Fit."