Okay I think I have it working. When I wrote the original post I wrote Checkboxes as opposed to Option Buttons. Thus there were three optionboxes and when one was active it didnt like another being active.

To solve: I changed OBLabel to a checkbox, 'CBLabel'.
Here is the working code:

Private Sub Workbook_Open()
    UserForm1.Show
End Sub
Private Sub OBTCL_Change()
    If OBTCL.Value = True Then
        Me.Controls("CBLabel").Visible = True
    Else
        If OBNAS.Value = True Or OBTCL.Value = False Then
            Me.Controls("CBLabel").Visible = False
            CBLabel.Value = False
        End If
    End If
End Sub
Private Sub UserForm_Initialize()
    If OBTCL.Value = True Then
        Me.Controls("CBLabel").Visible = True
    Else
        If OBNAS.Value = True Or OBTCL.Value = False Then
            Me.Controls("CBLabel").Visible = False
        End If
    End If
End Sub
Thanks again for your help Andy - great information & help as always!
Mark