Labels are easy to make and attach, so a strong penalty will accumulate for a shoddy collection. There is a very good chance that you can gain back a whole letter grade with some extra work on the collection. Start collecting as soon as possible, outside of class. Who knows when the frosts will come and kill most of the local insect diversity for the season. Do your insect preparation within a few days of when you collect.
Preparation alone takes several full days, and identification can take quite a bit longer.
If you try to do it all at once, and you'll be killed for time . Even if you always wait until the last minute, don't procrastinate this time. Watch out for the penalty of incorrect identification, and identify extra specimens to give yourself room for mistakes. If you thought you had 90 points but had identified even a few specimens incorrectly, you could find your true score to be down in the 70's. A few incorrect identifications to Order can get you in a lot of trouble with points.