Yes, it is possible to align all labels to the left.
Yes, it is possible to remove the extra space at the bottom.
Both requirements may be met by choosing the appropriate label placement as demonstrated in this sample. (Select the labels and inspect the "Placement", "Configuration", and "Insets" properties.)
The first two sample nodes actually have two lines of text in the second label instead one line of text in the second and third label.
The third and fourth sample nodes use three labels.