I wish you luck in this endeavor. I would hope you are able to do text insertion via speech-to-text recognition because realistically, doing note entry via a phone is already painful with a keyboard (that's why I prefer a stylus like on my Galaxy Note) - doing it on an even smaller screen and cramped keyboard feels like it will be worse.
I don't see this as much more than a "last resort" in case I don't have my phone on me (and considering the Gear is designed to piggy back off of the phone I see that even less likely), but it would be a nice to have in that scenario. It can just upload when it connects back to the phone.
Even if you just made it an audio recording app that was able to exceed the included app's 5 minute recording duration limits that would be more useful as a note-taking assistant.
What is painfully missing is a way to display notes and lists TO the watch from the phone. This would be much more useful to more people - at least until Evernote gets their act together and releases the app they promised for the Gear. I miss having my shopping/to do list on my watch.