You've already identified them as yellow-jackets, not honey bees, so that's good. (If they were honey bees, I'd suggest as the others have -- try to locate some local bee keepers and they'll probably want to collect and relocate the hive.)
I don't think this has been mentioned, but one reason for waiting until night is that all the wasps will have returned to the nest....so a) you'll get them all at once, and b) there won't be any stragglers to get you from behind.
For yellowjackets I've had success just blasting a good amount of that wasp/hornet killer (the kind that comes out in a powerful stream to get nests from 10-20 feet away.) The pressure of the blast will keep them from coming out of the hole as you're spraying it. Then quickly cover the hole with something (i.e. create a physical barrier) and that will be that. (And like the others said, if you can do this on a cold night, they'll be less energetic...)
Jim