OK Dave - after a bunch of snooping around, it looks like I was sorta right, but you were more right
After reading up a bit, snooping the Windows 7 registry and playing with a utility called DriveLetterView (FREE), it indeed looks like while the drives are "remembered" in the registry, there is only one entry for each letter (DriveLetterView also shows drives that are known, but not currently connected). Therefore, based on your comments and what I found, I will go with giving the two drives the same label and set my profiles to point to the label using the %LABEL=Archives3% format with both drives having the same label.
mikey
mikey