Change TinyMCE Block Format Labels

I would use the hook tiny_mce_before_init :

function wpse_106063_tinymce($arr){
$arr['theme_advanced_blockformats'] = 'h1,h2,h3,h4';

$style_formats = array(
    array('title' => 'title', 'block' => 'h1')),
// etc
);
$arr['style_formats'] = json_encode( $style_formats );


return $arr;
}
add_filter('tiny_mce_before_init', 'wpse_106063_tinymce');

Hope it helps.

EDIT: add something that should work, not tested.
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