procedure is detailed here.
To navigate the Self-Labeling display:
Use the Next page and Previous page keys to access Page 1 and Page 2
on the display
The Setup key is used to access the LCD Contrast, Bluetooth setup, and
the TFD (Ticker Field Display)
Self-Labeling Key Name Change:
You can also manually change the name of a key on the display. This does not
change the function of the key, only how it appears on your display. If you
change the label on a key and that key is changed, the custom label that you
assigned to that key will not change.
Press and hold (for five seconds) the key that corresponds to the label
you want to change.
When the Label Name Change screen appears, use the dial pad and the
navigation keys to enter the new name for that key.
Press Save to save your changes or Cancel to exit the name change
without saving.
Characters advance automatically when changing keys. Advance
manually for the same key.
IWATSU TELEPHONE USER GUIDE - 149