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Yes. You can do it using the Form Designer.
Check the user guide on how to customize the error styles of the form.
Let us know if you need further assistance.
That wasn’t my suggestion
After checking more, I think I understand more now what you wanted to do.
But can you still provide more details. I just could not visualize fully how it would be if the *Required asterisk contains text instead.
Designing the error style instead seems to be the more feasible way in design perspective.
Like in the screenshot image above, I don't think it will be better if the asterisk have text instead. But perhaps you have a better concept available already. If you can share it to us, we'll see what we can do about it.