I would like to utilize the bar area, however would like the text to change – how can I alter the text in this bar?
Current version has not support to change the Loop Meta text via Options panel. However you may alter the text in the following file,
I saw where to remove sub headings on other pages, I would still like to utilize it on the front page.
Sub Headings are specially designed for blog / portfolio areas. You may use alternate widgets to display your text at the front page i.e. Contango Callout or Contango Text.