Hey hopefully I can help!!
Lab's make great pets, but wow have they got some energy

Sounds like you're experienceing this first-hand!!
JUMPING:
If a dog jumps on you, stand upright, don't make eye contact - completely ignore, cross your arms and stand with your feet a little spread apart. Eventually they will stop jumping, when they do, that is the time to lean down to their level and pet calmly.
If they don't stop, your can use a tin filled with stones and shake it everytime he jumps up to put him off and shock him, then say "NO" very loudly and with assertion. The shock makes him listen.
NIPPING:
This really isn't acceptable and could become quite a problem, especially around children. Once again ignoring Eli will let him know that this behaviour is not acceptable and then you can reward him for good calm behaviour. Once again you can use the tin with stones in it to get his attention and then say "NO" if he does not stop. Don't encourage even a mild form of this eg. his kissing habit!
A suggestion for energetic dogs like Eli is taking up regular obedience training, it is a good energy expending exercise, a good chance to socialise and also brings discipline and respect into your relationship. Seek out a good local obedience club and join. It does wonders for your dog. Once they begin to respect your commands it makes life a lot easier!