While messing around in the registry I found this "hack/mod". Dunno if anyone else is interested, but here it is.
Go to \HKCU\Software\Microsoft\Shell\Controls\StartMenu
Change hide_labels value from 0 to 1
The end result will be this:
No labels under the icons, but name of highlighted icon appears on Title Bar. Different, but I like it.
Word of warning, this will cause the Start Menu to appear in some Task Managers (QTask, CeleTask) as the highlighted icon label, so you may not want to try to kill it.