"All quilts must have a fabric label with the name and address of the maker(s) attached to the back lower left corner of the quilt. Cover the quilt maker(s) name with a second piece of fabric wherever it appears on the quilt."
This type label sounds like a label for entry -- not necessarily something which would be a permanent part of the quilt. The address (and phone #) would used to get the quilt back to the quilter. There would be no reason why the permanent label couldn't be anywhere else you wanted on the quilt -- as long as the identifying information was covered if required.
As for hanging the quilt right side up, almost every show I've seen the rules for, required a hanging sleeve. Seems to me that would indicate the right side up from the quilters point of view. Of course there are a few exceptions. Last year I read a blog where the quilter was intending to put a sleeve on all 4 sides of her wall hanging so she could rotate the orientation. I think it had at least one sleeve on the quilt when she entered it into a quilt show -- but would you believe the organizers hung the quilt diagonally?
As for my labels, generally I put them on the lower right corner of the back as I face the back. But, I have put them in the middle of the back, I had one in the top left corner and then occasionally, I've been known to embroider on the binding! At the last quilt show I attended, the backing was pieced -- there was a pieced section inserted in the center of the backing and the label was in the center of the pieced section.