Since labels require a Plex Pass, using the GENRE option for UPDATE_FIELD is the only solution for vanilla Plex setups.
The inclusion of an option to add a prefix to the keywords (for example "- ") will keep them separate in the GENRE pull-down menu.
EXAMPLE:
(Currently)
Action
Bravery
Brunch
Horror
Lifeboat
Romance
Sci-fi
Teenage Protagonist
(Proposed)
Action
Horror
Romance
Sci-fi
- Bravery
- Brunch
- Lifeboat
- Teenage Protagonist