Does RHEL4 use udev? If so, it looks like your distro doesn't have the rules to create the /dev/disk/by-label symbolic links.
You could mount by ID instead or create the rules needed in /etc/udev/rules.d/ to create them.
Look at your mount manpage. I don't know if your version of mount (or mount.ntfs) will mount using LABEL= instead of the device node.
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P.S. Looking through the 70-kpartx.rules file, I see were disk/by-id is created but not disk/by-label. I looked further and found that the /dev/disk/by-label links on my system (openSUSE) is created by a udev rule in the /lib/udev/rules.d/60-persistent-storage.rules file of my initrd file.
Code:
# probe filesystem metadata of disks
KERNEL!="sr*", IMPORT{program}="vol_id --export $tempnode"
# by-label/by-uuid links (filesystem metadata)
ENV{ID_FS_USAGE}=="filesystem|other|crypto", ENV{ID_FS_UUID_ENC}=="?*", SYMLINK+="disk/by-uuid/$env{ID_FS_UUID_ENC}"
ENV{ID_FS_USAGE}=="filesystem|other", ENV{ID_FS_LABEL_ENC}=="?*", SYMLINK+="disk/by-label/$env{ID_FS_LABEL_ENC}"
LABEL="persistent_storage_end"
You could try adding the disk/by-label line in the appropriate location. Probably by inserting the line in the udev.d rule that creates your disk/by-id rule. But you may need to add a line to your initrd's init script to create the /dev/disk/by-label/ directory if it doesn't exist.
I use RCS to save my old config files before making changes (i.e. sudo ci -l /etc/X11/xorg.conf to backup xorg.conf). That way I can check out the old version if there is a problem. It also provides a way to store notes with each version where you can include reminders what changes you made. RCS is old but light weight & very handy for simple config file versioning.