GDT_GUY,
Para 1.1.5 states "Notes herein in capital letters are intended to appear on finished drawings. Notes in lower case letters are explanatory only and are not intended to appear on drawings." Nothing about where notes are intended to go, other than on the drawing.
I do agree however that ASME Y14.2M-1992 is the governing standard in regards to lettering, as stated in para 1.2. Unfortunately for me, I do not have a copy of that standard handy, thus my reference to Y14.5.