Hi,
Yes you can use the same code to apply an axis label to the vertical axis. If you want to change the orientation you can use the label style angle:

label.Style.Angle = new NScaleLabelAngle(ScaleLabelAngleMode.Scale, 90);

For more information you can take a look at the following topic:
http://helpdotnetvision.nevron.com/UsersGuide_Axes_Scale_Scale_Labels.html

Hope this helps - let us know if you meet any problems or have any questions.

Best Regards,
Nevron Support Team