By Lenn Thompson, Executive Editor Paumanok Vineyards' "regular" merlot bottling, informally known as the "white label merlot" is one of Long Island's most values — particularly from warmer, dryer years (think 2005 and 2007 recently). No, at $24, it won't satisfy those who lament the region's lack of $15 standouts, but know this: it over-delivers for that $24. The nose is ripe and complex, showing fruit aromas of black cherry, plum and cassis as well as notes of dried autumn leaves and dried thyme. Medium-bodied and at once ripe and lithe, the palate delivers fruit flavors that closely match the…