Match Values to Label Between 2 Tables with Tolerance

I am looking to match values from Table 2 to Table 1 within a specified tolerance.

For example:
Table 1 has 3 columns:

Label	Value 1 (X)	Value 2 (Y)
Test_1	1	1
Test_2	5	5

Table 2 has only 2 columns:

Value 1 (X)	Value 2 (Y)
4.7	5.3
0.7	1.3

Each table has the same amount of rows (for all intents and purposes).

Table 1 has a label with the associated "perfect" values for each case. Table 2 has the experimental values for each case. However, the values in Table 2 will always be random and will not line up perfectly with the associated row in Table 1. Unlike Table 1, the values in Table 2 are also not perfect, but will be in a specified tolerance (in this case, +/- 0.3)

I am then going to create a third table, Table 3, with the Labels in the same exact order as Table 1:

Label	Value 1 (X)	Value 2 (Y)
Test_1
Test_2

What I would like to do is take the imperfect values in Table 2, have it look at the perfect values in Table 1 (within a specified tolerance) with the associated label, and then spit it out to either Value 1 or 2. For example, I have measured a value of Value 1 = 0.7, and Value 2 = 1.3 (Table 2). I see that on Table 1, the closest value within a specified tolerance of +/- 0.3 are the values under Test_1, which is Value 1 = 1 and Value 2 = 1. In Table 3, it is going to associate the label with the values.

Label	Value 1 (X)	Value 2 (Y)
Test_1	0.7	1.3
Test_2	4.7	5.3

Would VLOOKUP be the proper method to do this?

Thanks in advance

EDIT: Added a small sample Excel file: question_sample.xlsx

You get better help on your question if you add a small excel file, without confidential information.

Please also add manualy the expected result in your file.