I've found two options:
You can utilize <LayoutTemplate> within the asp:Login login control as described in the following link: http://our.umbraco.org/forum/developers/api-questions/6651-Multilingual-LoginView-control

OR

Here is an example where I wrote code in a template to update a property within within the asp:LoginStatus control:

<script runat="server">
    protected void Page_Load(object sender, EventArgs e)
    {  
      LoginStatus LoginStatusControl = (LoginStatus)LoginView1.FindControl("LoginStatus1");
      LoginStatusControl.LoginText = umbraco.library.GetDictionaryItem("Login");
    }
</script>

<asp:LoginView id="LoginView1" runat="server">
              <AnonymousTemplate>
                <li><asp:LoginStatus id="LoginStatus1" runat="server"></asp:LoginStatus></li>
                <li><a href="/Register.aspx"><umbraco:Item field="#Register" runat="server"></umbraco:Item></a></li>
              </AnonymousTemplate>
              <LoggedInTemplate>
                <li>Thanks for logging in <asp:LoginName id="LoginName1" runat="Server"></asp:LoginName></li>
                <li><a href="/UpdateProfile.aspx">Update Profile</a></li>
                <li><asp:LoginStatus id="LoginStatus1" runat="server"></asp:LoginStatus></li>
              </LoggedInTemplate>
          </asp:LoginView>

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