In timeline node there are soo much space remain at the left hand side that could be use to show track title name like which track we are using (FLOAT TRACK) (EVENT TRACK) even though there is a red line to recognize float track but still its kind of tricky for beginners to differentiate between float and Event track. i am using Unreal engine 4.7.3
I was reading over your post and I thought that this could make a good feature request. I have written up a report ( UE-16588) and I have submitted it to the developers for further consideration.
Make it a great day