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@Mike.FORM Yes, I did figure out that workaround as I updated above, yet I also mentioned this important tidbit: "but notice when you bring it too close to the origin, the text will snap back to horizontal or vertical." - the spot elevation being on the angle pulls it away from the point you are referencing. Having the end set to none allows it to look like a crosshair, however, instead of the middle of the crosshair X being the spot elevation, it is actually referencing the spot at the end of the arm which is the leader. 
The center of the crosshair should be the spot elevation reference point, however, with this leader method that is not the case. (which will be an issue on a site with a steep slope).