When you place annotation above a line using Follow Feature, the distance from the line is determined by your offset units you have set. But if you place annotation below the line, and the same offset is used, your annotation is much closer to the line. If I want the annotation above and below the line to look the same, I would have to change the offset each time. Likewise, if I place larger text, I would probably want a larger offset. But once you set that offset, it stays there until you change it back again, and again, and again.
Here is my suggestion. When you use Follow Feature, you select the line then click above or below the line where you want the text to go. Once you choose, you can then slide from side to side as far as you want along that horizontal line angle, with no restrictions. Lets have the same thing, but vertically. You click on the line which determines your horizontal angle of the text, then hit the space bar which will release the offset distance so you can now move your text above or below the line as far as you want while keeping the horizontal angle intact. The space bar release would behave similar to its' use for temporarily releasing snapping to features.
I think this would be a rather simple addition to the tool, that would had a large amount of freedom in your ability to place your text wherever you want with being restricted to your offset units set.
Please, let me here your comments.