my local computer shop sell labels for £1.50 for 100. that 1.5p each.
I wouldn't recommend what your suggesting, no, and I doubt anyone else would.
You'd run the risk of damaging whatever cd player you play the disk on. CDs and dvds spin at very very high speeds, glue and normal paper would cause an imbalance. The cd would wobble like mad, get stuck or even break in the player and perhaps take the player with it.
I wouldn't stick any labels on at all you'll find over a period of time that they stop playing all together, I have a lot that I put labels on that a now useless, invest in printer and printable discs, a much better option