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Your script will indeed clear all the fields on the current card - including label fields, so you have to be careful! If you want to empty all the editable fields in your stack, you would have a loop like this:
on mouseUp
local tCardCount, tCardIndex, tFieldCount, tFieldIndex
put the number of cards into tCardCount
repeat with tCardIndex = 1 to tCardCount
put the number of fields of card tCardIndex into tFieldCount
repeat with tFieldIndex = 1 to tFieldCount
if the lockText of field tFieldIndex of card tCardIndex is false
then put empty into field tFieldIndex of card tCardIndex
end repeat
end repeat
end mouseUp
Your script has stimulated me to search around but I can't find the answer. By implication am I right to assume that the lockText of label fields is set to true by default?