Am I missing the point here, I don't see how this is any better than just assigning the Text property of a Label directly?
//class variables
Binding stateBinding;
MyRowType rowForDataBinding;
ChangeBoundData()
{
rowForDataBinding = GetNewRow();
lblStatus.DataBindings.Remove(temp);
temp = lblState.DataBindings.Add("Text", rowForDataBinding , "State");
}