Love the custom fields functionality, but as far as I can tell it only exists at ticket level.
My team log work time against each note, but I would another field to mark billable time against each note.
Is this possible?
It would still be through Notes and the time entered there. You can create custom billing rates yourself - so you could have one that is $0.00 and another that is $50/hr etc....
Another option would be to create your own Ticket Custom Field of a Currency type ... so you could make that required (or not) for Techs that work on a ticket. The problem with this approach is that the data would be searchable but not Report-able using the Reports section.
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