Is it possible to set the link text for a URL field type?

Is it possible to provide a "link text" for a URL field type such that displaying the URL-typed field shows the link text and not the URL stored in the URL field? 

Background: In a "parent" Opportunity / Account / Contact, we store a link to the last Task, Note, Email, Call, Meeting record created or updated against that related "parent". We also store the Task / Note / etc. Date Modified as a Last Activity Date for the "parent" record. This allows us to do some reporting on the Last Activity against a "parent" record and provide an easy way to see what that last activity was.

Here is a screenshot of the Last Activity Link (URL field type) showing the URL. We would like the link text to be some actual text...not having the link text be the actual URL. 

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