I think it should just be class="ectlabel" as the input has class="shipradio" assigned to it. If you check the ectcart.css, you will see input.shipradio {vertical-align:text-bottom;margin-right:5px;}.
What it should probably be. <label class="ectlabel"><input type="radio" class="shipradio" value="'
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I would assume not since that option does not allow for the label to have its own customised look and feel.
It would be much more preferable to have the choice to keep it standard or to customise: <label class="ectlabel shipradio">
Having the choice should always be the case for all html elements otherwise they are impossible to select on their own and can have unintended consequences elsewhere.