I really think you're just confused.
There are two ways to convert ink to text in the new S Note
- Write your heart out on as many pages as you want and then select all or part of what you've handwritten and convert it to text after-the-fact; including translation in to multiple languages. Unless you have unbelievable penmanship and get a 90+% accuracy rate on the handwriting keyboard then it's a much better solution, at least it is for me. The way you're describing either slows me down considerably correcting misinterpretation of my handwriting as I write or if I go for speed tons of after-the-fact corrections I need to make.
- Create text boxes (which are really designed for text-based graphical elements, not full-page notes) anywhere and everywhere you want and use the handwriting keyboard to convert ink-to-text on the fly. This works the same as I remember the old S Note working on my N10.1-12.
With the introduction of S Finder you can now search on handwritten notes so I don't need as many of my notes converted to text. If they are for my own personal use I'm fine leaving them in handwritten form. And the new method (transform) lets you pick and choose what you want converted. For example, of three pages of handwritten meeting notes there may be a couple of paragraphs or sentences I'll want to reference in a follow-up e-mail or document. I'll transform them, copy/paste them in text form where I want them, and then undo the transform which leaves the whole note handwritten.
With all that said, I still don't understand what you're trying to accomplish that any of the above doesn't address or that the old S Note did better or differently. The help file available in S Note has a great deal of info and a ton of shortcuts. You might want to read it. Also there's a Windows version of S Note that allows you to create new notes on your PC, view/edit notes from your device, and keep them sync'd. It only works with the new S Note format that was introduced starting with the N3. To each their own but I can't imagine going back to the old S Note.
http://www.samsung.com/uk/support/usefulsoftware/snote/