Given the option, I think you're way better off printing directly on the disc. I've made a lot of DVD's in my time and I've used a lot of labels. They can look really good, but they can also be a real pain to get lined up just right unless you're using a label applicator. They can peel after time and cause the disc to wobble and get off balance while spinning.
Personally, I've never had these issues, but I can see how they can very easily occur.
I do not recommend the adhesive labels. There are reports of jamming issues using them in slot loading DVD players because of the increased thickness of the label.
It doesnt look like your printer supports printing to printable DVD media. This would have been your best option. But check your owners manual or the HP website.
Another possibility might be to use LightScribe DVD media. But you would need a DVD burner that supports that special media. Although LightScribe does a nice job it is limited to Black and White (although there are different colors of DVD media to burn to).
Stay away from adhesive labels for DVD's. Unless you can get permanent adhesive labels which are not very accessible to the public. Plus the public is very unaware of the difference in adhesive labels. I am in the printing industry for many years and have seen people make the wrong choice nearly every time.
Hence the peeling off of labels. Most adhesive label stock available to the public market is either non-permanent or semi-permanent. This is so people can easily peel a label back up if they make a mistake in placement. With permanent adhesive stock this is virtually impossible to do.
I have a Canon Pro-100 and Pro-1 printers with printing trays for CD's & DVD's and would recommend that all the way. Printable CD's & DVD's are available and print very nice. Never have to worry about labels peeling off, as has been stated here quite a bit, or unbalancing the DVD.