If XP8 then you name a flag for each input/output you want to track
Set/Unset each flag as required in macros etc.
Then tie a graphic to each flag on the touchscreen that is visible when flag is set.

To have a single button change it's 'text' based on flag you need to stack buttons - one for each input - on top of each other:

Bottom Button (default) says "Off"
Button on top of that - says "Input 1" - is set to visible based on input 1 flag
Button on top of that - says "Input 2" - is set to visible based on input 2 flag
and so on...

If it's just on/off state you can either stack two buttons, say a red circle under a green circle, and set the top to visible when flag is set. Or, you can change the text color by setting the state to reversed when the flag is set.