Make your fields transparent (that's a fill pattern you can select) and place them on top of your fields' label text. Make the label text the appropriate shade of grey...
I'd also recommend conditional formatting on the field to make it non-transparent on 'not IsEmpty'.
Hmm, forgot that wrinkle here. Unfortunately, fill patterns can't be specified in browse mode so my original post won't work as you'd see both text and label superimposed when there's text in the field. :smileymad:
Put a conditional format on the label text and specify a text color that matches the layout when the field is not empty.