Actually that is the route I'm leaning towards right now, I just news some free time (yeah right).
To save on the time it would take to assemble each label though, I'd like to grab some 3-4" lengths of chain ( bathroom sink) for each bottle rather than string.
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Fermenting - Vienna SMASH with Saaz
Kegged - Raging Red Irish Ale, Honey Orange Hefeweizen
On Deck - Country Saison
The chain would be quicker, but uglier, imo. That depends on the label design, of course. If you design the label around the chromed or brass chain you can probably make it not look weird.
Is there quick way then of using string (yarn) without having to re-cut and re-tie know for every new batch?
For my lumpy grolsch-style bottles, I sometimes hold the label on with just a rubber band. Maybe not the most aesthetically pleasing fastener, but it works with no adhesive residue!