I got tired of seeing the squashed text, so I jumped into my /Libraries -> PreferencePanes directory and found that by going into the contents of the prefpane, within Resources, then within the English.lproj folder, there is a "InfoPlist.strings" file. Within this file, change the first keyword="string" line to read:
CFBundleName = "MS Mouse"This sets the name of the PrefPane to MS Mouse. But all is not well and good yet. Now you have to go into your ~/Library/Caches/ and delete the "com.apple.preferencepanes.cache" file. Do this with the System Prefs app not running. Then start the System Prefs app and voila, you now have shortened MS PrefPane names.

