I sure wish AutoCAD and AutoCAD LT worked the same.
I have a complex macro I use in LT which uses an attribute to label a line (i.e. labeling a pipe "HWS"). It breaks the line (per size of the label), sets the proper layers and rotation angle (along line horizontally or right-read), and so forth.
Here is the macro (watch for wrap, LOL!)...
============ ID_LabelLine [La&bel Line]*^C^C_setenv Label \_ucs _ob _nea,_mid \_ai_molc _non @ _break _non @$M=$(*,$(getvar,textsize),$(+,$(*,$(strlen,$(getenv,label)),.5),.5))