Yes. If both the smoke detector Family and the Tag Family's Label contain that same Shared Parameter, then the Tag will report the value of that Shared Parameter, pulling the data from the smoke detector. You could edit the value of that 'Comment' though the Tag in the Project by double-click on the Tag (provided your double-click settings permit).
FYI - In lieu of using a custom Shared Parameter, you could use the default "Comments" System Parameter that is present in all elements by default in a Project. You won't have to worry about the extra step of adding a Shared Parameter to the Families or Project.
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On a side note, just for the added info, one could theoretically create a Generic Annotation Family with a Label (driven by a Family Parameter), load that into the Tag Family, and then link that Family Parameter to a 'Comment' Parameter (Instance) in the Tag Family. The problem with this method is that Instance Parameters in Tag Families are NOT accessible in the Project environment. So, you could have the 'Comment' contained within the Tag Family itself, but it could only be used as a TYPE Parameter, which severely limits it usefulness.
I hope that last part doesn't create any confusion - I though it would be worthy of mentioning in case anyone else thought to explore that route.
Corey D.
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