Unfortunately there isn't a function object yet in C2 Lucid.
Nevertheless the first part of your answer is correct, creating an object gives it focus.
So CrAzD, when creating your "monster", you can modify its instance variables. Those will act as the unit info. Create a variable name, level, etc...
You can then access those as monster.name, monster.health, etc...
Your level bar will be another sprite I guess. Then after having created your monster sprite, you'll create your bar sprite.
Ashley said that C2 tries to pair objects by default. So the bar Sprite will depend of the monster sprite. (unless I'm still missing the point on this feature)
Creating the monster and the bar are actions done during the same event (whatever the event is: startup of layout, mouse click, ...)
Once you use the action system.create (object) said object has the focus, and you can set it as you like.