PD:
If we're going that way, try a label maker. If you don't cotton to all the extra tape background, Xacto. Also, maybe you just want the letter forms without the label. Put the lettered label on. Take a pin. Punch through the letters carefully. Go for the stippled effect with paint after wiping or use the holes as a carving guide.
Stencil cutting or stencil-cutting machines add another option to the field. By cutting a machine stencil of your expression and adding light spray paint coats, you can have a sterling result if you assure a crisp contact of stencil and wood.
Artists normally seal calligraphy with a fixative spray in gloss or matte finish. It is designed to prevent pigment and dye deckling. Whether it works on all media--or under shellac--will be a matter of trial.
Personally, I'd be a big fan of paint in this application.
Regards,
Edward Hennessey