How bad do you want this? Because I have a really crazy answer, but it might work.
Replace your label with a Web Browser Control, create a temporary html file, then point the Web Browser to that. You'll need to add a field to the underlying table (or at least I did) because the control has to be bound or you can't change the ControlSource - I think.
I put a Web Browser control on a form, turned scrollbars off, and generally tried to make it look like a label. I didn't have complete success with that, but maybe you're better at it than me.
I added a Text field to my table called "FakeLabel". The Web Browser control source should point to that field.
For purposes of testing, I put a commandbutton on the form with this code
Private Sub Command113_Click()
Dim sFile As String
Dim lFile As String
sFile = Environ("TEMP") & "\fakelabel.html"
lFile = FreeFile
Open sFile For Output As lFile
Write #lFile, "The <strong>quick</strong> brown fox jumped over the <em>lazy</em> dog"
Close lFile
Me.Recordset.Edit
Me.Recordset.Fields("FakeLabel").Value = sFile
Me.Recordset.Update
Me.WebBrowser112.Requery
End Sub
Here's what it looks like after I click the button. If you can get rid of that top padding, it could really look like a label.