Get specific versions of TFS code in a different directory

Currently we have a build process as follows:

1. I do a build into our dev staging environment.
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2. I label this in TFS.

3. I use SVN bridge to check out that changeset that was labelled.*

4. If testing for dev staging passes, I use the working copy I checked out to do another build into the next environment.

I don't want to have to use SVN Bridge to have a copy of my code somewhere else for code at a specific version, but I have not found a way to do this natively in TFS (2010).

Is there a way of doing this (point 3 and 4) using TFS, instead of SVN Bridge?

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I may be completely misunderstanding what you're trying to do, but it sounds like you need to create a separate workspace, and get the code that was labeled in step 2 into the new workspace.