Hi Mark...
This is like asking "How do get from New York to Cape Horn on foot?"
The reasonable answer is... you can't.
The technical answer is... you shouldn't bother trying.
And the actual truthful answer is... it's possible with some dreadful contortions of regular Creo (Or Wildfire). It's also possible with Toolkit, J-Link, and maybe Web.Link. I don't think any of these things is going to give you a note that automatically updates as the simplified rep changes.
If you'd like to point to a model and say "Simplified Rep: &rep_name" or whatever, it's not going to happen. Unless some new parameter has been added to Creo 1 or 2, it's just not there.
Of course, to be complete, I should note you can grab the simplified rep name from the information screen of any view. That means it's possible to make a mapkey that asks you to pick a view. Then, behind the scenes you can kick of a small script to extract the name of the rep, capture it in a variable and use that variable in a note. I'm afraid, that's about as good as you're going to get without the assistance of a programmer.
And.. of course... if you update the rep name, the variable won't update... so that kinda kills the whole idea. The Drawing Package for Pro/E, Wildfire, or Creo is just really old and creaky and we don't have capabilities like the ones you're asking about.
Thanks!
-Brian
Oh well, I guess I lost out on $2.98! 
