Your OP was that you thought you needed the LCD becasue can’t send text strings…presumably in the main body of a Display widget. This has been resolved 
As for labels, LABELS, and Labeled Display Widgets… yes, all a bit confusing as the App and libraries developed 
The little grey label on most widgets can be changed in App or via code with Blynk.setProperty(V0, "label", "Your Label")
The main boady of the text can be changed via code with Blynk.virtualWrite(vPin, value)
But in the Labeled Display Widget, AFAIK NO, you cannot change the LABEL data from code… However, there is no real need to… since you can use alphanumeric text and/or emoticons via their UTF-8 code… see here, and even control the decimal points if need be (generaly by preformatting the number to a string I belive?), all from code for the main value body of the widget.
The LABEL option is probably more for “codeless” App use.