Yep it's totally possible. You can control the display as you do the LEDs with CCs.
Page 68 of the manual has all the information on what CCs control each of the characters of the display.
To do what you'd like, you'll have to observe the selected track, fetch it's name and then translate the letter to the proper MIDI value (a coll, dict, or js object would be a good idea).
You could set up a timer, that after a certain amount of time, you can send another group of CCs to the display to update it to whatever you like.
Totally possible, and might be a fun little project!