We want customers to have the flexibility to add any text they want, ie: sometimes it would "Create an Account" instead of "Register".
Yes, I understand and agree with that but, if you accept my sugestion they can do that and also use it with multilanguage sites. As it is it only works with 1 language.
Like this, people can place the text there and it shows as the inserted text. If they use the variable (ex: JREGISTER) then when site changes the language changes automatically. And in the last case, they can do a language override if they wish to.
I think this is a very simple change and would make the templates more language flexible.