We don't need to make this is a feature because it is already implemented by the Blocks Editor. Consider looking at the "Reusable blocks" feature to do this. Once you create a block as you want it you can go to its Block settings to make it reusable. and will be able to reference it everywhere else.
Once you change it in one place, it will change everywhere else, and that includes the custom settings MD has added to the Block.
I think the issue here is that the admin settings screen uses one instance of the __( 'Enter your name...', 'md );, etc. string and the frontend uses another instance. So if you've translated it on the frontend, it will be translated there, but if in the admin, it will also have to be translated.
This is considered a bug since there should only be one set of strings, and is an optimization we have on our list to make though not a high priority.