Okay, I'm exactly in your shoes and understand the frustration! I DON'T want to learn photoshop for this after I've spent so much time and money learning PSP and I want the tutorial too but never found one! So, I did the following..... please be my trial buddy and see if this works for you too
1. Open a new page 4 in. by 6 in. with 300 resolution.
2. open another page 1 in. by 1 in. in 300 res.
3. On the second page, make a circle with your selection tool which
will be a 1" circle. (that's the only way I could figure out!)
4. Copy paste the circle on your 4x6 page as new layer.
5. paste as many circles as you want to fill up your 4x6 page. All in a seperate layer (ctrll L). This made it easier for me to edit without messing with all of them!
6. now select each circle. ( I first "select all" and then click on the circle I want, using the magic wand .... this way I know the whole circle is selected)
7. now copy whatever picture/graphic you want and paste "into selection" in your circle.
8. If you want to add text, you just add it the normal way by selecting the text tool and adding the text!
I hope it helps and works! Please let me know if it does/doesn't. I have never printed the images because I've never made bottlecaps before but I'm hoping it will!