yes, it will loop through all form elements, you can add the submit button to the removes array so it will not be included in the email.
The names of the elements will be used as the labels in the email and the entered values will be displayed after the element name.
but the only way to edit how they appear, after that, is to manually remove the loop code from the template page and start again from scratch? 
that's not quite right.
if you want to change the way the labels apear, you have 2 choices:
1) start from scratch and recreate the form with element names that more closely match the labels you wish to be auto generated. so instead of:
LEDContactName
use:
Contact_Name
which when the email is generated will become:
Contact Name
since underscores are removed by the code.
or:
2) remove the code that does the loop and add the labels to the email manually and add the form element bindings next to them
