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I just got my UG yesterday, yes there are programmable alarms. If you were going to set them I would go for throttle position and RPM. Those are going to be the most fuel consumable raw data values.
If you don't want all that jazz, there would be a possibility of rigging an alarm system electronically or mechanically to your Throttle body.
For throttle position mechanically you could rig a standard bike brake cable to pull some sort of alarm (electric) or mechanical indicator (spring + Marked Bar for position + green/yellow/red color). If you need more details about how that would work I could give you a follow up, but truthfully for the design time and implementation I would just go for an UG. Unless you have a non-OBDII vehicle. :-)
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