Is there a specific text that needs to be in the design?

No there is no specific requirement for the text. As you can see we use all sorts of random names, dates and places. To be honest we are more interested in the design rather than the text. The text will be dynamic to the customer so they will change/add to it when placing orders. 

Does the size of the label (8.133" Height is 2.377) include the bleed or does the bleed of .125 need to be added on to this measurement? In other words is the final size, including bleed,  8.383 x 2.627?

8.133" x 2.377" includes the bleed. Good questions. Thanks.

Hi!!!!