If there's a tube part that suits some size of transparent heat-shrink, just a paper label underneath works fine. The TZ
tape is multilayer, there's already a transparent laminate covering the ink.
I have a half-dozen of the red Harbor Freight pressure oilers, I masked off the bottom halves and sprayed each with a different rattle-can color, then lettered the oil type on each with black enamel. They've held up pretty well for several years. I really like the brass tags idea posted earlier, however....