Is there a way to display the Label's text (instead of just the color) in the
day/week/month view?

No.

Or are the Subject, Location, and body text the only
fields we can display?

correct.

--
Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
http://www.turtleflock.com/olconfig/index.htm
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers
http://www.outlookcode.com/jumpstart.aspx