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Can BuildMaster create a label (or tag) as part of a workflow? For example, for a deployment to a specific environment. I would ideally like to label with the current release and build number.

Yes, as long as BuildMaster supports (see http://inedo.com/buildmaster/integration) the source control provider. It is a best-practice to label your code with a release and build number combination such that it can be retrieved at any point in the future, and more specifically, if you are promoting your code to a further environment. You can set up your BuildMaster action to use the built-in variables %RELNO% and %BLDNO% to accomplish this.