If I understand your question correctly, then I believe the answer is No.
(You want to change one of the pieces of text in, for example, the x-axis labels)
You may find that leaving one piece of text blank, then adding a textbox in its place in powerpoint is the easiest thing
to do.
Now...if you question is can you change one "label" on the "key", then I believe this is possible. just keep clicking it
until it's the only thing selected.