This is assuming you are using some flavor of windows. Also leave "LabelPrinter on Computer01" as a valid printer right now.
We will add a local printer with the port set to the network printer.
1. go to Start->Settings->Printers->Add Printer
2. Select local printer and uncheck AutoDetect Plug&Play printers.
3. Select "use the following port" and select the port that the network printer is set up for. It should be in the list. The description may say LAN manager printer.
4. Continue the rest of the setup, show it where the driver is etc.
5. You should now have a printer that you can change the name of.
I've run into this several times and this is how I have solved it in the past. So basiclly you are setting up a local printer that you have the right to change the name of, but it is pointing at the network port that was previously set up.