Should I get a Visa with 'Labor' profession stamped?

There's absolutely no issue to accept low category Iqama Visa. And it can easily be changed within few weeks from the date of your joining. The reason behind offering the low category profession is only to cut the Visa process short (Labor Visa doesn't need any Degree/certificates to be submitted in Saudi Embassy). And, if you want to come on Engineer/higher profession, you need your degree attested by Saudi embassy and Culture office in your country. Which is lengthy process, can be done later as well. The only issue with labor Visa is that you cant apply for your family permanent visa until you have changed your profession.
Rest Saudization is always ongoing process, a good employer can cover everything for you.

Thanks for the reply, Muhammed. I have seen and read on the internet that having a Labor Visa on your passport may result in companies or Universities rejecting your application. Is this true?

I had the same situation as you but they changed it eventually. You can do the same as mine.

Thanks for the reply, chaddyqui. Well, I am sure they will change the Visa but does not mean that the previous stamped will be deleted. And some companies as well as Universities verify your passport before admission.

I think they will no longer check on to the stamps or visas on the passport. What they will check is your basic info on it. Not sure though but still up to you.