I do have a couple of spares, but yes, I can unscrew the top cap and slide in a new label. Micromatic even provides a label template for cutting to fit. I use my same logo and then print various beer types underneath.
Link: http://www.micromatic.com/draft-keg-beer/tap-handles-pid-C100-4-M.html
Link: http://www.micromatic.com/draft-keg-beer/tap-handles-pid-C100-4-M.html