Finally figured out a reliable way to do this.
double yOffset = (myPane.YAxis.Scale.Max - myPane.YAxis.Scale.Min) / 36;
TextObj Qtr1Text = new TextObj("Text Value", xLocation, yOffset);
myPane.GraphObjList.Add(Qtr1Text);
The value 36 is an arbitrary number which should be adjusted to give you the negative spacing you want.