subclassing thinlet widgets with new behavior

Can I subclass thinlet widgets with some
behavior that is configured by some arguments passed to its
constructor? So I would create a toggle button, that I can layout
using Franklin, but the strings displayed for the two states and the
command executed when pressed is determined by arguments passed in on
instantiation?

Furthermore, strings displayed for each state is determined by arguments 
passed in with constructor, but its state is determined by real time incoming 
data as interpreted by constructor arguments.

So, we might say state one for value 0 and state 2 for value 10. These values 
are constantly being fed in.

Thanks in advance,

Dave K