I make label templates in PhotoShop & simply modify them for use. You could also create forms & templates in most database programs. If the labels you use are on Avery stock, then your copy of MS Word or Appleworks may already have a template for them.
Now in preproduction: Peristroika (Cosmological Congress), a film by Slava Tsukerman
If you have Filemaker Pro and Photoshop you can make a layout in Filemaker and bring in your PSDs as backgrounds adding the text in Filemaker. Later you can dupe a record to make a new one, or to print more of the same label. Best thing is once you have the text filled in you can print from the various layouts you created to many different label formats.
A little hand work up front, but real easy once you get it set up.