Many thanks for the new addition in 1.2.9 - Text Gauges give me exactly what I was after.
However, it appears as if the Legend doesn't work correctly when choosing text. Whatever position you choose the legend to be in, it just displays the first label in completely the wrong position. If you change from Text to Dial, it works perfectly.
I have attached a screenshot to show the problem. Very minor issue but thought it worth mentioning.
Actually - the label that appears is the second one, not the first one. The first value has a legend of Open and the second one has a legend of Unassigned.