When the label template copy doesn't work

Apex 3.0.1:
if you click on the "edit templates" icon from within a page definition, page 4003 opens up.
It's a report listing all the templates available for the application and on the right hand side there is a handy "copy this template" icon.
It turns out that for Label templates only the copy procedure will not work, although a success message is shown.

This has been confirmed as a bug in version 3.0.1 as per this OTN forum entry where also a quick workaround has been suggested by Carl Backstrom.