Resizing the home screen & Dock icon size | Renaming icon text below.

Hi

I was wondering if there was a way via a 3rd party app possibly that would allow me to change the size of the icons displayed on my home screen. I would like to make them a tad smaller if possible and have the option to rename the each icon as shown with the text below. I would also like to resize the ones on the dock as well.....perhaps to include two horizontal rows w/o the need for text below each one. I have the newest 5th gen iPod touch

Tnx

Tim