Finally printed out the new smaller font labels and I'm happy with how they look.
I tried out the notches in the back of the labels to pop out the magnets from the labels I retired and they worked well.
I just used an X-Acto blade to pop them out.
The way this works is the following:
1. Take the BLANK master Label and drive two magnets into it IN THE SAME ORIENTATION.
2. Take 2 new magnets and put them on the smooth top of the blank MASTER Label and line them up with the holes of a new Label. Hammer the magnets into the label.
3. Put your MASTER LABEL somewhere safe.
If all the magnets are in the same orientation than they will be interchangeable.
It's also important to use the Master Label when situating the magnets in the panels.
1. Put the Master Label on the outside of the Panel with magnets towards the panel near where the magnets are going in position them over the holes.
2. Drive them in.
3. Use hot glue or anything else to make the magnets stay put on the inside of the panels. You do not want these falling out and sticking to your controls.