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Regarding your question, is there a way to add custom variables to the SMS messages? This one is possible, with SDK but the whole function of sms_utils is encrypted so you will not be able to customize the whole script. It's either you create your own sms_utils script or request additional development via your sales account manager. Where are the current variables declared? It is inside /usr/sbin/sms_utils.
The available parameters are the following mentioned in the below screenshots.
You can navigate it from the Web UI in Services > Mobile Utilties > Status
I hope this helps