Actually coordinating the the names for the color labels was the easy part. Somehow my preferences in PM for IPTC/XMP drifted from the default and I spent more time than I'm willing to admit trying to figure out why the labels wouldn't transfer to LR.
Anyway, thanks for the confirmation. I usually just create a separate folder of keepers using PM and only import that into LR, thus no XMP files are needed. Guess I'll need to create XMP's if I want to retain labels in LR.
Thanks Kirk!