Ellipsis if a text gets longer than text label?

I have a progress bar that is reporting something that my application doing with a file, and the path to that file is presented. Sometimes (most times) the path is longer than the text label in my progress bar, is there a way I can have the front and end of the text appear in the label, with an ellipsis in the middle showing it is cut in half?

I was given some Objective-C code that does this kind of thing, the important part is apparently…

[style setLineBreakMode:NSLineBreakByTruncatingMiddle];

Can I do this in AppleScript Studio?

from Apple’s ASS listserv…

In Interface Builder, select the text label. Then in the Control section of
the Attributes pane of the Inspector palette, set Line Breaks to Truncate
Middle. Save the NIB/XIB and rebuild your project.

Thank you Stan C.!