Well using something like this works, but there are "timing" issues which might prevent the label from working all the time.

MapDrive('T','\\SERVER01\FILESHARE','IT Support',,1,0)

That would place a label of 'IT Support' on the T drive when mapped using the MapDrive UDF

Code:
Function MapDrive($DriveLetter,$UNC,optional $Label,$Icon,$Delete,$Persistent)
  Dim $,$D,$Di,$Per,$Shell
  $D = Left($DriveLetter,1)
  $Di= 'HKLM\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\DriveIcons'
  If $Delete
    Use $D+':' /DELETE /PERSISTENT
    If $Admin
      $=DelTree($Di+'\'+$D)
    EndIf
  EndIf
  If $Persistent
    Use $D+':' $UNC /PERSISTENT
  Else
    Use $D+':' $UNC
  EndIf
  If Not Exist($D+':\') Exit 1 EndIf
  If $Label
    $Shell=CreateObject("shell.application")
    If @ERROR Exit @ERROR EndIf
    $Shell.namespace($D+':\').self.name=$Label
  EndIf
  If $Admin
    If $Icon
      $=WriteValue($Di+'\'+$D+'\DefaultIcon','',$Icon,REG_SZ)
    EndIf
  EndIf
  Exit @ERROR
EndFunction