I did a new Playclaw overlay for the Bf110. I have a key mapped in-game and in my joystick profile (Numpad 9) to display my "dashboard" view.
I captured this view and produced an overlay with the names of the instruments. I setup Playclaw to use the CTRL+Numpad 9 to toggle this overlay.
Whilst holding down the Joystick button (or Numpad 9 key) to show the dashboard view I press CTRL to toggle the overlay on and off.
I can do the same for a few other aircraft and use other Playclaw hotkeys ALT+Numpad 9, SHIFT+Numpad 9 etc. to display the appropriate labels.