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The answer is...sorta. If you look at the add reference line menu (right-click on the axis you want to add the reference line to) you will see a label drop down selector. Click that and select custom. Custom allows you to type in any text you want AND then add any of the other variables available (Value/Computation) with your text via a small arrow at the right side of the custom entry line.
Thanks Dan - as I said in my post I know about labels, but I specifically wanted to concentrate on the actual tool-tip itself!
In this example I can not show labels as I am using a 'per cell' reference line and the visualisation becomes far too messy. Even turning off the tool-tip would be useful as it is not 'business friendly' at the moment!
Did you find the solution how to customise reference line tooltip?
Is it possible?