AutoLevelLabel allows one-click insertion of blocks, labeling the absolute and relative elevation of a point and being automatically updated if moved. The first time you start an AutoLevelLabel command in a drawing you're asked to place the 0.00 relative elevation and to specify the absolute elevation for it. A LevelBlock labeled 0.00=<your absolute elevation> is inserted. The following LevelBlocks you insert will automatically generate values for relative and absolute elevation. If you copy a LevelBlock the values in the new instances of the block will be updated accordingly to their placement.
AutoLevelLabel also provides a command for editing of already inserted LevelBlocks. You just point an existing LevelBlock to be considered as 0.00 and select a set of other blocks to be associated with it. There can be multiple independent sets of associated LevelBlocks in the same drawing.