I suspect my point, since unless there are no tools in the ArcToolbox to do what you want or there isn't a specific arcpy function, then the functionality hasn't been exposed at that level of functionality.
The easiest way to figure out whether something can be done using python is to examine
If functionality isn't in either, then python is not the vehicle that can be used.
I consider menu options and selections and other process steps mere convenience options if they indeed have a tool or arcpy equivalent
My big friendly old Arcpy Toolbox has a drawer marked "Annotation" and when I pull it open... it's empty. I appear to have no options. Just an empty drawer.
I took the ESRI class last night on annotation, I came to work this morning all fired up to put my new understanding into practice and to learn more... and find it's not possible... so disappointing.