Jim,
Unless it is an undocumented feature, it does not look like that is an option. However, when I use the PU command (or Ctrl+P) to run the query_agent callback on the snmpget probe, it returns a 'value' field and a 'variable' field. The 'variable' field has the text representation of the value, so you could try $variable in your alarm message and see if that works. Since it is not documented that way, I would not count on it, but it might work.
Another option might be to use the get_description callback on the snmpget probe to get the list of values and their text meanings. That callback accepts an OID (by number or name) and returns the full description from the MIB. That would probably be easier than processing the MIB file directly in Lua, which is also an option, of course.
Regards,
Keith