Any Control that was set to Enabled = False, will "delegate" their Mouse-Messages to the underlying Container.

Knowing that, the solution comes down to writing/defining your own ucLabel.ctl
(which despite having Disabled-State, will render its Text in the normal ForeColor).

The easiest way to do that (if you don't want to fiddle around with your own Text-Renderings) is,
to simply wrap an existing Label-Control within your new ucLabel.ctl.

Here's a small example - the following should go into a new ucLabel.ctl (which hosts a Label, named Label1):
Code:
Option Explicit

'also set the UserControl to CanGetFocus = False in the Property-Grid
Private Sub UserControl_Initialize()
  UserControl.Enabled = False
  Label1.BackColor = vbRed 'set whatever default-props you want on your Label
End Sub

Public Property Get Caption() As String 'expose any Prop you want (Caption is obvious)
  Caption = Label1.Caption
End Property
Public Property Let Caption(ByVal RHS As String)
  Label1.Caption = RHS
End Property

Private Sub UserControl_Resize() 'adjust the Label1-Size according to the hosting UserControl
  Label1.Move 0, 0, UserControl.Width, UserControl.Height
End Sub
Now place an instance of your new ucLabel on your Form - and check the behaviour with the following Code:
Code:
Option Explicit

Private Declare Function ReleaseCapture& Lib "user32" ()
Private Declare Function SendMessageA& Lib "user32" (ByVal hWnd&, ByVal Msg&, ByVal wParam&, lParam As Any)
 
Private Sub Form_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
  ReleaseCapture
  SendMessageA hWnd, &H112, &HF012&, 0&
End Sub
HTH

Olaf