if you prefer to have args decoded may be try using analysis
assume argument options and force ollydbg to analyse
for example if you have a dialog proc
on the push ebp if you ask ollyto asseme it as winproc
it will decode the arguments accordingly
like this
[I]
EB> 77D48709 /CALL to Assumed WinProc from user32.77D48706
EB> 003B00B0 |hWnd = 003B00B0 ()
EB> 00000080 |Message = WM_SETICON
EB> 00000001 |wParam = 1
EB> 01320079 \lParam = 1320079
[/CODE]
if you want to change local.1 to another name i dont think its feasible
but never tried it i like it [ebp+20]

could you post a snippet where you like to have it labelled ??
may be label it the way you want manually and then post it
so that i can check if its feasible

if you are posting snippet
post the original as well as your modified both so that i can try experimenting