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I'm not positive about this, but another approach is what I believe is called the FIND command...the idea is when editing mtext, that you edit the text the way you want then do a FIND and it updates all instances of that word in your drawing, even on frozen layers. I think you may have to do it for each sheet tab though. but I think I saw this approach in a Catalyst magazine once, but I don't do alot of text editing, so hopefully someone will reconize what I'm talking about...good luck.
Making a block out of the text seems to be the Occam's Razor choice.
If you don't like that and there are not too many things that need to be changed like this, then you can create custom doc properties and report them on the layouts as fields. You go to File->DrawingProerties->Custom to create/change the fields and regen to affect the change throughout the doc.