I am writing an application under Compact Framework 3.5. Created your component by inheriting it from Label. The main change is the auto-height label. There is no AutoSize in the compact framework.
public partial class AutoSizeLabel2 : Label { static Bitmap bmpSizer = new Bitmap(10, 10); static Graphics g = Graphics.FromImage(bmpSizer); public AutoSizeLabel2() { this.Text = "Label"; } public override string Text { get { return this.Text; } set { Rectangle clientRec = this.ClientRectangle; clientRec.Inflate(-2, 0); this.Height = CFMeasureString.MeasureString(g, value, clientRec, false).Height; this.Text = value; this.Invalidate(); } } } But when working with a component in the form designer, instead of a specified text, WMS_Project.AutoSizeLabel2 is always reflected. An example in the attached file. 
base.Text. notthis.Text.this.Text. - Jester