I have done exactly this for our Zoning ByLaw pages and it works
I have annotation countywide for zones, roadnames, "see pg x" anno, and other features that appear on our Zoning maps
each with a KeyNo value corresponding to the pg it is meant to appear on
it has to be gdb featureclass anno, not coverage anno, for this to work
I gave each piece of anno a textsize and angle appropriate to the pg (there are a finite variety of scales and angles in the ByLaw pages)
you can edit it easily directly within the pg in your map series (with the pg definition query turned on or off) and see exactly how it is going to print
you can adjust text values, textsize, font, angle, character spacing etc all directly by selecting a piece of anno in an edit session and opening its attribute editor by rightclicking
you can even give a selected piece of gdb anno a thin white halo so that it pops out against a crowded background
I've found it is much easier to work with than the old coverage anno