^^^^^^^^^^That's what we do. I label mine starting from passenger side front and then in the order the system monitors. I've got six to do so it's a pain if I get them mixed up. OTOH I've had to replace a couple of the labels because they faded so badly they were hard to read. It takes all of about 30 seconds/tire to remove the sensors and put the valve caps on.
I change batteries when they quit working. In 5 years I've had to change 2 of them. I may have to break down and buy the repeater, but I haven't had a dropped signal in a long time, in fact not since I moved the monitor up on the dash. That's the only real issue with the TST system: the long lag time between losing a signal and being alerted to that affect. It can take up to an hour to alert. Too long IMO.