You should be able to accomplish this with a list driven combo-box in the property tab builder. Best practice is to save the value to the 3D model, and link that property to the drawing when/where needed. If you are able to provide some example data/files, I would be able to help set it up.
How do you want the text to behave? Should it only show one of the 4 options?
If only one is to be shown, you could use a radio button, that will switch the text to only which ever option is selected. add a fifth radio if you want to make it blank.
If you want to turn any combination of them on, you could use checkboxes.
The custom property tab should attach to the template. But you will need to store the templates on a network drive then point everyones settings to the same location through System Options>File Locations