Could this be useful?

I think its pretty good. You could of course put the whole thing inside another borderless panel and return that from the function, so that you can move it around/resize it etc. Try resizing the window with this sample below.

; Create a window and some labels 
win=CreateWindow("Labox Test",100,100,300,250);,0),17)
 
labox = CreateLabox(" Label",5,5,160,100,win) ; Labox Function.

SetGadgetLayout labox,1,1,1,1

Repeat 
Until WaitEvent()=$803 
End ; bye!  

Function CreateLabox(b_text$,b_x,b_y,b_width,b_height,b_parent)
	; Labox stand for Labeled Box :D
	Local pan = CreatePanel(b_x, b_y, b_width,b_height, b_parent)
	temp = CreatePanel( 0,5, b_width, 4, pan, 1)             ; Top
	SetGadgetLayout temp,1,1,1,0
	temp = CreatePanel( 0, 5+2, 4, b_height-3, pan, 1)        ; Left
	SetGadgetLayout temp,1,0,1,1
	temp = CreatePanel( 0, b_height-3, b_width,4, pan, 1)   ; Bottom
	SetGadgetLayout temp,1,1,0,1
	temp = CreatePanel( b_width-3, 5, 4, b_height, pan, 1)  ; Right
	SetGadgetLayout temp,0,1,1,1
	temp = CreateLabel( b_text$, 10, 0, 32, 20, pan, 0)   ; Text
	SetGadgetLayout temp,1,0,1,0
	Return pan
End Function