From the code you showed in your question I assume you are experimenting with kind of prototype. If you want to go that way better implement a custom control or at least a composed user control (out of Label and picturebox). Of course then you need a kind of "list" to present/select the individual pictures.
I would implement a custom control (OwnerDrawn) and get rid of useless PictureBox/Label controls by just painting the Image/Text in a custom control's paint handler (this should boost perfomance) and you can easier control things like DoubleBuffering.
An alternative could be just using a prepared control doing exactly what you showed in your code - a
with the property
Do you have any specific problems with your current approach?
Btw. for this kind of app I would highly recommend using WPF and not Windows.Forms as presentation technology. (But that's another story)
just my 2 cents (or what currency you use
kind regards Johannes