You can define labels for xe:djextListTextBox
on client side with
dijit.byId(id).set("labels", {"value1":"label1","value2":"label2",...});
Your example would look like this then:
<xe:djextListTextBox id="inputText" value="#{document1.FormTitle}"
displayLabel="true" multipleSeparator="##">
</xe:djextListTextBox>
<xp:button value="Set Value" id="b1">
<xp:eventHandler event="onclick" submit="false">
<xp:this.script><![CDATA[
var id = "#{id:inputText}";
dijit.byId(id).set("labels", {"Value 1":"Label 1", "Value 2":"Label 2"});
dijit.byId(id).set("value", "Value 1##Value 2");
]]></xp:this.script>
</xp:eventHandler>
</xp:button>