Change label's Name when Text assigned at design time programmatically?

I have my own control that inherits from Label. When I drop it on a
form, it defaults the object Name to MyLabel1 and the Text to MyLabel1.
I'd like the control to automatically rename itself if it detects, at
design time, the Text property changes; e.g.

private sub MyLabel_TextChanged.... handles Me.TextChanged
if me.Name.StartsWith( "MyLabel") then
me.Name = Me.Text (minus spaces)
end if
end sub

Is this possible?

.

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