Is there a way to change the reporting name of a balance dynamically

Summary:

Is there a way to change the reporting name of a balance dynamically ? We are trying to figure out a way to change the reporting name of a balance programatically, this will help us consolidate the eleements but have a different reporting names in the various payroll reports (activity report, gross-net report etc). Of course, we are not looking for updating all of the BI templates.
I am aware that we can create shadow information elements and play around, but it is going to be messy. I would like to hear from others if anyone implemented this requirement. Thank you !