Is it possible to create custom labels for Notes so that its easier/possible to track Note types? Use case - click on Add Note, from there shows drop down with various Note Labels (i.e. Discovery Note, Demo Note, etc.), click on label, then add text where appropriate. Thanks in advance for any comments.
Sadly not today but the community has a lot of convos related to allowing better tagging of these items. You might find a post in the idea section related to this topic.
Hi @jeffburlington! There is no way to create labels for Notes 
For organizational purposes, and creating a reportable view of what’s happening, like with a sales team for example, logging Activities (Calls, Emails, Meetings and Tasks) is more effective than Notes.
One thing that may streamline and categorize your notes process is the use of Snippets. According to this KBA, Snippets are “short, reusable text blocks that can be used on contact, company, deal and ticket records; in email templates; in chat conversations; and when logging an activity or note.”
Good luck!
Emma