Labbing and blueprinting are interchangeable terms for performance modifications to a "stock", out of the box propeller, new or "used".
Different shops have different recipies.
Usual mods for a high perf/poker run prop would be:
Pitch matching each blade (B1s are notoriously bad here)
Static and dynamically balancing (reduces vibration and stress on drive line components)
Thinning
Sharpening leading edge
Modifying cup (+ or -)
Modifying diameter (+ or -)
For a full race set up the above +:
Razor sharpening
More thinning
Heat treating
Cad scanning (also done by some shops like T/U on PR props)
Some props need more or less work depending on how well they are cast or CNC finished from the foundry.
When TU was working on other brands props, their "blueprint service" was $100 per blade, and included all the Poker Run mods + Cad scanning, so they could replicate your mods on other pitches or L & R if you have twins.
They are making their own CNC props, so they are no longer working on or selling anyone else's props. Hering does great work, as does BBlades. I haven't used Tom's blueprinting service at Hydromotive, but I am sure they would do a nice job too.
There are less well known, but good local shops around the country. We have some great local guys here that used to build props for me when I was racing (Performance Propeller). I had them build B1s for Butch's Heat (supercharged 496") and the Hart's Heat (stock 502 Mag) and they both run very well. And like eggs, props are cheaper in the country :D.
Regards,
Steve

Thanks Steve!