I've been thinking about this for a few days and decided to test my theory (at 12 in the morning..)
and SEEMS LIKE IT'S DO ABLE!
This script would mean people in game could rename whatever an item, and whenever they hover over it it would display the name they wrote (i.e. the mirror in the pic)
The only thing I have to locate is where the default name is for the interaction.. OH
I think I know where it is.. just worked it out while writing time to test it out!