The Watermark Editor does come on the ProductView Client 9.1 M060 install.
I just tested it again this morning.
PLease keep up the good work and conversations on ProductView.
After some help from PTC I was able to get the watermark to be read from PDMLink. The only issue is that I can not get any of the PDMLink parameters to be read into the watermark.
I am open to any suggestions and can help those that need to get started.