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I don't think you can do this with Dynamic Text elements. You will need to add your own text element and update its value using arcpy.mapping.
I'll now do it that "pseudo dynamic text" way.
I'll probably also float this as an ArcGIS Idea to see if it is just me that has been looking for it.
Here is a hack-y version - update the label inside the PRJ file using a text editor.
This seems to work, although it might not be advisable/supported.
dynamic text2.png 20.2 K
I think your workaround should work without any/many side effects as long as the *.prj file gets re-edited with each major upgrade to a new version. It's certainly simpler than what I do, so will be usable without having to dive into Python, VB, etc.