I've been thinking of a similar thing for awhile, though it would be available to the user: a tree of notes that reside in dictionary type structure, with an appropriate interface to save, edit, delete, move ...
Anyway, not to derail you Mark ... consider using dictionaries (which sport higher capacities than xdata). If you need to have the data associated w/entites, link the entites to the dictinary by their xdata, otherwise the dictionar(s) can stand on their own.