Yes it's possible. I posted on it in another thread of how I solved a similar problem but not sure how I can link it to here...
Basically you can create a property under property manager such as 'Finish Code' and then make it available to all elements. When you want to label something in the elevation, says a wall, open the wall settings, scroll down and enter the code you want to against Finish Code.
You can then create a schedule that has 'Finish Code' in the criteria and 'has custom value'. You can add something like 'model' to the schedule fields to identify what each code means and edit each item as needed.
I've attached something that might help.
Sarah
