I know that Revit is not Autocad, but in this case it could learn a little something from the Old Man. AutoCAD lets you have access to sheet set info and other document information with fields that can be inserted into Mtext and other text objects.
It would be nice to have the same access to object data in text thru the use of fields or something similar.
For example, a designer/Arch/engineer would be able to make a custom tag that included important object information that Revit could update automatically, but also included any verbiage that would be needed on the fly. (without actually having to go and make a new tag, testing the tag, remaking the tag over and over until you get what you want, if you ever do).
You could have Revit let you start the text command and when you requested a field (thru a right click menu maybe) it would require you to select an object and display all the objects available information and let you pick which you want to reference.
A bonus would be that the info should be able to be change there to. If it was a change in member size and the member needed to be loaded then Revit would start the load family dialog and allow you to load the appropriate object and place it exactly where the existing one was transferring all the location information from old to new.