It is possible to do. I have done it in my database with good results. Here is the code i used to create the labels from the data in a table/query. Just adapt it to your needs and if you have any questions, feel free to e-mail me. I have labeled all of the check boxes Option1 through whatever # you have. Also, label the checkbox labels OptionLabel1 .. etc..
Const conOptions = 10 'Change to your max # or records
Dim dbs As Database
Dim rst As Recordset
Dim intOption As Integer
Me![Option1].SetFocus
For intOption = 2 To conOptions
Me("Option" & intOption).Visible = False
Me("OptionLabel" & intOption).Visible = False
Next intOption
Set dbs = CurrentDb()
strsql = "SELECT * FROM NewProducts"
Set rst = dbs.OpenRecordset(strsql)
If (rst.EOF) Then
MsgBox ("There are no Options Available for this form."

Else
While (Not (rst.EOF))
Me("Option" & rst![Option_Number]).Visible = True
Me("OptionLabel" & rst![Option_Number]).Visible = True
Me("OptionLabel" & rst![Option_Number]).Caption = rst![Option_Text]
rst.MoveNext
Wend
End If
rst.Close
dbs.Close