Here is how I do it:
Download desktop visualiser from market (free)
You can download icon packs or use your standard ones with it
Select add widget like normal
Choose a desktop visualiser widget
The program pops up prompting you to choose an icon image you can use a stock one here or whatever image you like
Assign it a funtion
Next name it... this is what will appear under the icon. If you delete the entry field and leave it blank then nothing to appears underneath the icon you just created
Viola! Work like a charm, it's free and also works on stock froyo - no root necessary!!
Hope this helps.