On changing the permissions you are correct.
Also you can execute the mkdir and chmod from any terminal emulator, even in Gnome ;), but you have to be root, thus do
su -
in the terminal.
You have some misunderstanding in the lower part of your post.
There is a saying “everything in Unix is a file”. That means that devices are seen from this side of the Kernel as files. They are called device special files (or device files for short) and they come in two tastes: character and block. The first for devices which handle character by character (like asyncronous terminals) and the other ones for devices that handle data by blocks (like disks). You find them normaly inside the* /dev *directory… Example:
brw-rw---- 1 root disk 259, 524288 apr 22 11:31 /dev/sda1
This is a block device special file (see the b at the beginning). You also see the access bits and this shows one of the advantages of the file metaphore for a device: access to the device is controled in the same way as for every file. Same goes for owner and group. Then it starts to become a bit different. There are two numbers. These are called the major and minor number. The major number is to the number the Kernel attached internaly to the driver used by the device. Thus when the Kernel is asked for an I/O to the device it knows which driver to use. The minor number is just a bunch of bits where the device driver knows what these bits are for. Often at least part of those bits tell which device of the many that are handled by the same driver on this system it is. In this case the 259 driver can see if this is about sda1 or sda2.
When mounting we need the device special file to tell which hardware (disk partition) is used and we need the mount point to tell where we want the direrctory tree on this device to be added to our one and only system directory tree that starts at /.
Thus you never will find your data at* /dev/disk/by-label/eternal-ext3/exchange*, but at* /mount/point/exchange*.
Thus when you (and now there will be a lot of when …, all of them are more or less defaults, but no ‘must be so’) have the file system labeled eternal-ext3 and then connect it on the flight and there is somebody loged in using Gnome or KDE (working together with HAL/DeviceKit-disk) it will be mounted at /media/eternal-ext3.
And everything you have during an earlier mount created there (including exchange) will then be there under /media/eternal-ext3.
I am afraid my remark made you hesitate a bit. What I meant to show was that you can make a directory exchange at the root of that partition, but that it IS NOT the root of that partition. You can create exchange and music and movies, etc. all at the lowest level end thus there will be* /media/eternal-ext3/music*, /media/eternal-ext3/movies, /media/eternal-ext3/exchange, etc.
I think you are doing this allright, Just try it and you will most probably be satiefied.