I dont think there is a "correct" way, as long as it works without causing conflicts then the job'is'a'gudn.
The only thing with the above is when re-compiling it might complain about missing code. I think it would be better to open strings in values/strings.xml and changing the "GPS" line to " ", i cant really say without testing though.
Iv'e just got to my PC and looking inside "quickpanel_quick_settings.xml" the gps line reads:
<com.android.systemui.statusbar.quickpanel.GpsSettingButton android:textSize="12.0dip" android:textStyle="normal" android:textColor="@color/quickpanel_text"
So we can either change the green code to make it disappear, this would have to be done on all the entrys,
Or
Goto "values/colors.xml/quickpanel_text and change the value, which would then change ALL of the quick panel text in one go.
If you need the code for transparency its 00000000.
Hope this helps, give me a shout if you need any more help.
Yeah ill try the first option later when I have my laptop. The second option would change the color to transparent but would still have the space where the text is.