Hello finson and welcome to the forum.
Unfortunately this option is not available currently, but as you say it is one option that everyone would use!
Fell free to add a feature request:
http://www.qcad.org/bugtracker/For now this 'workaround' may help, I have used this method many times

1. Design 'empty' text label - e.g. simple rectangle. Place a very small circle (radius 0.01) or a point in the labels center.

- Text label workaround 1.png (17.77 KiB) Viewed 487 times
2. Create a block from this draft.

- Text label workaround 2.png (12.96 KiB) Viewed 487 times
3. Place 'Label' blocks into your drawing and select and add your first text.

- Text label workaround 3.png (9.29 KiB) Viewed 487 times
4. Continue to place and change the text contents, height and angle as needed 'on the fly' as it were.

- Text label workaround 4.png (20.36 KiB) Viewed 487 times
Hope this helps
