Yes, you can use the LinkLabel class that is in the Processor sample. To use that class, you also need to add some methods to your GoLabeledLink-inheriting class, which is FlowLink in the Processor sample.
That LinkLabel class inherits from GoText, so you can of course customize it to meet your needs. Or you could inherit from some other class such as GoGroup, if you need your labels to be more complicated than just some text.
The FlowLink class also has a bunch of customization that you might not need, but you can easily strip out those methods.