Hi Christina,
1. if you want to fetch the revisions that own the required label, you need a sandbox, as the project-view can only show you the current member revision by design.
If you create a sandbox of your project and use the check-out command recursively you can define a "filter" which revision is to be checked out ( e.g. "revision with label" or "last revision with state").
to create a checkpoint for this "locally restored configuration" your could use the Snapshot Sandbox command.
1.1 A second option is to create a development path, based on your latest checkpoint and to use the "update member revision" command on this development path. It offers the same "filter" for the revisions to be set, as the checkout command.
2. the initial checkpoint 1.1 is always empty (by design). If your project manager only applied labels in the past and never created a checkpoint, you will have to reconstruct the configuration manually as described above.
Hopefully you have changepackages that might help you in reconstruction.
HTH
Matthias