I know you can do it with Custom Launchers like Nova and Apex (you can hide the name but I don't think you can rename it). Not sure about whatever the G2 uses by default.
I use ADW Launcher and still use the Knock feature. Knock On works fine. Knock Off works on the lock screen anywhere, but when on a home screen, only on the top notification bar. I've just trained myself to Knock Off on the top bar. Works great.