Oh yes, the [% ListLabel (ListName, Member#) %] script instruction may be used in place of hard coded text for CBC attribute levels. This opens up lots of possibilities and power! But, also more complication for analysis on the back-end, as our software would be blind to the dynamic switching in of new labels for attribute levels. So, you'd have to plan your analysis accordingly and do some custom work on the back-end to put it all together.
ACBC (Adaptive CBC) handles list-building and customizing the levels brought into a conjoint design much easier and automatically. The HB analysis accounts for which attribute levels were brought in for each respondent or dropped. Plus, the number of levels brought into an attribute can be different in ACBC, but must be the same for each respondent under CBC.