I finally found some info back from 1997 and 1999 on PTC's website that said to create a local parameter to report the parameter as the fix. So I guess the need for this to work just wasn't every high enough to add it into newer releases.
This doesn't work in layouts, nor does going to the relations and selecting show-session ID as there is nothing to pick. I've used what you've described many times, it's just the issue with the layout parameters I can't seem to make work directly.
This thread address my issue exactly but was not answered: thread554-156077. In short, parts and assemblies declared to a layout show the layout parameters, but you cannot directly use them in a drawing note. Another relation in the part or assembly has to reference the layout parameter for it...