With print size set to Small, you get 2 rows of text easily, in little space. I can print "Markfm 24mg BlkCherTob 65PG" in a label that fits cleanly on a 6 ml bottle (I do a new line after the 24mg).
I will normally press the cutter button early, when I can just see the "65" starting to come out of the labeler, so as not to waste tape. Otherwise you end up with a fair amount of excess. The PTouch
throws an error message when you do this, but is entirely fine; you can press the Print button again to reprint, or the backspace button to get back to the text, etc. I've been using mine this was for months without problems.