That is a fabulous idea. Do you stick the label on and then punch the whole in the glassine and label?
I don't do craft shows or sell, but I like to package my soaps as nicely (and economically) as I can because I do a lot of gifting locally and also by mail for my out-of-town friends/relatives.
I used to use French Fry bags and colorful ribbons back when I first started out, but now I use 9" x 12" sheets of white, grease-resistant, paper sandwich wrap (think glassine-type paper).
I can buy a 1,000-count package of them for about $8.00 at my local Smart & Final. One sheet cut in half will wrap 2 of my bars perfectly, so I'm really getting double for my money.
And with my handy, decorative scrapbooking punch for a pretty scent/ventilation-hole, some double-sided tape, Microsoft Publisher, and 8 x 11 full label sheets, I'm good to go.
My label designs are usually more colorful and imaginative than what you see below, but I quickly threw something generic together just to give you the basic idea of my labeling/wrapping technique:
IrishLass