Thanks to the forum for pointing out the XML file location that is used to process the XML data. I personally found that having the CHARM I/O description was much more beneficial than having the CHARM I/O type on the label. I was also able to add the controller assignment to the I/O tag as well. See screenshot below for final result.
The right click "print label" keys off the following file that can be modified to give you different information--- D:\DeltaV\DVData\CharmsXsl\CIOCBaseplateLabelFormat
replace the "/label" with "/CharmDescription" in the file and it will spit out the charm description instead. With a little more modification you can also add the "/AssignedTo" field next to the I/O tag. With a little bit of work, you can put whatever you want from the CHARM fields into this file.