I had the same problem and tried to remove the labels but was unsuccessful. I did look into huddata.ini and tweaked a few things but it didn't work. I admit I was using easy avionics but the labels are really slowing my frame rates down. What I wanted to have is just the waypoint counter and triangle symbol and the target box only without the labels just as in the sep 2008 version. I only managed to reduce the labels' fontsize so as it's not intrusive and taking up gfx resources. Here's what i i did:
[Debug]
DisplayDebug=FALSE
TextFontName=Arial
TextSize=12 <--------------------------------this adjusts the fontsize of your info box on the bottom left and right corner of your screen
[smallLabelFont]
TextFontName=Arial
TextSize=1 <----------------------------------reduce this to value to 1: i tried to use 0 but the labels are still there
[Map]
MapDisplayLabels=TRUE <-------------------if its FALSE, I suppose this removes the labels on your in-flight map
[infoDisplay]
BackgroundImage=TextBackground.tga
BottomLeftPosition=0.01,0.985
BottomRightPosition=0.99,0.985
DisplayWidth=0.20
VerticalBorder=0.0015
HorizontalBorder=0.008
EnemyTargetColor=1.0,0.0,0.0,1.0
FriendlyTargetColor=0.0,0.0,1.0,1.0
UnknownTargetColor=1.0,1.0,0.0,1.0
WaypointColor=1.0,1.0,1.0,1.0
TextFile=HUDText.str
NormalColor=1.0,1.0,1.0,1.0
WarningColor1=1.0,1.0,0.0,1.0
WarningColor2=1.0,0.0,0.0,1.0
AGLAltStart=609.6
AGLAltWarning=152.4
I would appreciate it if someone could help me out with this. Thanks.