I'd posted about this quite a while back, but never followed up with the results. I've uploaded a utility for generating simple repeating text linestyles.
Rather than attempting to pre-define every conceivable combination of material, size, and utility, I use this tool to quickly create a pipe linestyle as needed. The form is pre-populated with common values, but anything can be entered in the combo boxes. Or you can skip the drop downs entirely and use only the "name" and "text" fields at the bottom of the form. The spacing between adjacent labels can be adjusted using the "modify dash scale" tool.
The VBA code is ugly with a bunch of hard-coded values, and it'd be better implemented in MDL for all the binary operations, but as a proof of concept, it works.