Not sure what you would be trying to use for the text as there are potentially multiple fields in the point fc with multiple points. which field/point "notes" do you want to show?
Since you are using python for this, you have access to the text of any elements in your map. One options is that you should be able to extract whatever "text" you are after from the data, then update the TEXT_Element.text to whatever string you want.
R_