In the 2.x version I could create a label using both a bitmap and text. As seen above. In the 3.x version I have not figured out how to do the same thing.
In ver 2.x this is the code I used.
Private Function GetHighwayLabelStyle() As GeoTextStyle
Dim textStyle As New GeoTextStyle()
Dim TextSymbols As New TextSymbolCollection()
Dim font As New GeoFont("Arial", 7, GeoFontStyle.Bold)
Dim brush As New GeoSolidBrush(GeoColor.KnownColors.White)
Dim symbol As New TextSymbol(font, brush, 0, -6)
TextSymbols.Add(symbol)
Dim Icon As New IconRenderer(StreetFieldName, TextSymbols, IconHighwayShield)
textStyle.LabelRenderers.Add(Icon)
Return textStyle
End Function