Ok that worked. I replaced the entire wp_register tag with this:
Control Panel
Now while this works, there is a downside. Doing this will cause you to ALWAYS see this “Control Panel” link, whether you are logged in or out and you will never get the “Register” link which normally replaces the Site Admin link when you are not logged in.
However, I found THE solution (very proud of myself). You need to edit the “template-functions-general.php” file found in your “wp-includes” folder. Open the file and look for the following line:
$link = $before . ‘‘ . __(‘Site Admin’) . ‘‘ . $after;
Replace the text ‘Site Admin’ with whatever you want to call your link. In my case, I put ‘Control Panel’ . Save and voila, the title has been changed.