Thanks for the suggestion but I actually already have Windows Tips disabled (through the Windows Explorer menu). But they're still showing up in Premiere. I tell you - it's 2011 but we still can't get consitency between Adobe apps. Photoshop? Turn Off Tool Tips. After Effects? Turn Off Tool Tips. Premiere? You're stuck with 'em.
I too would seriously love this function, I edit with a pen and it always hovers in a way that makes the tool tip appear and I can't see the description that I'm trying to type!