He Said Joe was Closest with just changing the colour and passing the event through, You Just Need To Make Some Modifications to the Coordinates of the Mouse Events.


Something Like This Will Do


Code:
Option Explicit

Dim boolLabelEnable As Boolean
Dim lngColours(-1 To 0) As Long 'Colours for label

Private Sub Form_Load()
lngColours(True) = vbRed    'You Can use any clours you want here, true is the Enabled Colour
lngColours(False) = vbBlue  'False is the Disabled Colour
LabelEnable = True 'Set The Labelenable property
End Sub



Private Property Get LabelEnable() As Boolean
LabelEnable = boolLabelEnable
End Property

Private Property Let LabelEnable(new_LabelEnable As Boolean)

Label1.ForeColor = lngColours(new_LabelEnable)
boolLabelEnable = new_LabelEnable

End Property



Private Sub Label1_Click()
If LabelEnable Then

    'Label1_Click Code Here

Else

    On Error Resume Next    'In Case We Don't Have a picture1_Click

        Picture1_Click

    On Error GoTo 0

End If
End Sub

Private Sub Label1_MouseDown(Button As Integer, Shift As Integer, X As Single, Y As Single)
If LabelEnable Then

    'Label1_MouseDown Code Here
    MsgBox X

Else
    
    On Error Resume Next    'In Case We Don't Have a picture1_MouseDown
    
        Picture1_MouseDown Button, Shift, Picture1.ScaleX(X, vbTwips, Picture1.ScaleMode) + Label1.Left, ScaleY(Y, vbTwips, Picture1.ScaleMode) + Label1.Height
        
    On Error GoTo 0
    
End If
End Sub

Private Sub Label1_MouseMove(Button As Integer, Shift As Integer, X As Single, Y As Single)
If LabelEnable Then

    'Label1_MouseMove Code Here
    MsgBox X

Else
    
    On Error Resume Next    'In Case We Don't Have a picture1_MouseMove
    
        Picture1_MouseMove Button, Shift, Picture1.ScaleX(X, vbTwips, Picture1.ScaleMode) + Label1.Left, ScaleY(Y, vbTwips, Picture1.ScaleMode) + Label1.Height
        
    On Error GoTo 0
    
End If
End Sub

Private Sub Label1_MouseUp(Button As Integer, Shift As Integer, X As Single, Y As Single)
If LabelEnable Then

    'Label1_MouseUp Code Here
    MsgBox X

Else
    
    On Error Resume Next    'In Case We Don't Have a picture1_MouseUp
    
        Picture1_MouseUp Button, Shift, Picture1.ScaleX(X, vbTwips, Picture1.ScaleMode) + Label1.Left, ScaleY(Y, vbTwips, Picture1.ScaleMode) + Label1.Height
        
    On Error GoTo 0
    
End If
End Sub
Hope this helps