I found a solution to convert large numbers point labels into region labels (or vise-versa). I needed to do this for hundreds of labels, so I exported the label file (File-->Export-->Export Labels), did some editing in Excel, and then reimported the labels (File-->Import-->Import Labels). You just have to know how to work with spreadsheets/manipulate text files.
The key is to understand that the label files have this structure:
Point Labels:
0.34000 <tab> 0.34000 <tab> pointLabel1
0.86000 <tab> 0.86000 <tab> pointLabel2
1.53000 <tab> 1.53000 <tab> pointLabel3
2.97000 <tab> 2.97000 <tab> pointLabel4
Region Labels:
0.34000 <tab> 0.86000 <tab> regionLabel1
1.53000 <tab> 2.97000 <tab> regionLabel2
The image below shows what the above examples look like when imported into Audacity:

- Screen Shot 2020-02-01 at 10.52.39 AM.jpg (83.9 KiB) Viewed 386 times