If you are using a plastic thermal transfer process (UV safe) onto waterproof coated labels, then you will have two costs:
Using a smaller printer, that takes the more expensive smaller ribbons and smaller capacity rolls of labels, can more than double your media costs. At 500 labels per month you may recoup the difference between a 105SL and a less expensive TLP-2844Z in your first year, and the 105SL should be more durable, especially in an industrial environment.
Preprinted information on the back of the label can be used for advertising, company contact information, and country of origin. The hole punch is for a wire or plastic tie and should be located well away from the edge to reduce the risk of it pulling off. The tear off is mainly for shipping, allowing you to remove a serial number for processing in the office, while leaving the main tag in place for your customer. You can get away with using a plain label by equipping your inventory people with a hole punch, and your shippers with a pair of scissors to cut (rather than tear) off the bottom strip of the label.