I came up with a similar set-up that I feel is very efficient, and I have a slightly different method of cutting the labels that I prefer.
I took the foam bottom from one the of folding insect boxes (http://www.bioquip.com/search/DispProduct.asp?pid=1002F
) and cut slots into it matching the widths of my labels. I cut the labels into strips, then attach them to the foam board with the label-lines above the slots. I then use the scissors on my swiss army knife to cut the labels. I feel this is an excellent method because the scissors are spring loaded -- you don't have to squeeze your thumb and forefinger into the tiny holes of the scissor handles. It also makes the process extremely fast, and the cutting process does not disturb the bees at all. I have included some photos of my set up, which will explain the process better than I am able to do using words. I hope this is useful, please let me know if there are any questions or suggestions! I am sure there are ways to make this even more efficient . . .
Biological Sciences Dept.
54 N. College St.
Hanover, NH 03755