A 'pure LabVIEW' work around for this is (its not completely trivial):
First you need two string indicators. 'String1' is the 'background'. Size it and place it where you want to display the vetrically aligned string. 'String2' the indicator that will actually display the string. Set it up so that it has properly colored text and a transparent background (the 'Simple String' from the Classic Controls palette is good for this).
Second, take the text you want to display and run it through "Get Text Rect.vi" in the Graphics & Sound -> Picture Functions. This VI will tell you how big of a rectangle you need to display the given text (note: you have to manage all the line breaks yourself).
Third, Get the size of 'String1' with its 'Position' and 'Bounds' prop
erties and do the math (top = height/2, etc, etc) on the rectangle from "Get Text Rect" and then position the 'String2' indicator over the top of 'String1' with its property nodes ('Position' and 'Text Size' are the two properties you will need -- 'Bounds' is read only).
Good luck.