Hi Fuzzy,
Yes, you can do what you want with current functionality, as you say. What I'm saying is that it would be neat if, when setting a Label to a Bin, the actual color of the Bin icon itself changed to reflect it's current Label (something that currenlty does not happen), and all media currently in that Bin or added later adopted that same label, automatically.
This automatic behavior would be a time saver, and in no way would impede on the current workflow of editors. If you want to set different bin items to different Labels, you simply wouldn't set a Label to that Bin. Simple, efficient, fast and flexible (i.e. ability to only use it when you want).
Hope this makes it clear once and for all. If anything still needs clarification, please let me know.