To get around this issue, I decided to use stamps. I only have a limited number of references, so this worked well. I just stamped right over the redaction. The fact that stamps can be resized has helped immensely.
I did have the same thought as Timothy and I did try text boxes prior to my posting my question, but they were a bit tricky to manage and place. If I could have changed the font color, I may have used this solution, even though placement was fussy.
As far as Brian's question, maybe provide two options to users. One could be an abbreviated/shortened version for legislation and that type of info. For longer redactions, I think Allan's suggestion of footnotes would work best. I prefer the shorter version, but I think that the footnote solution would work best if only one solution could be provided, as it would work for everything.
Note: In using footnotes, it is important to note that there may be limited space on the page. If reasons are too long or there are too many redactions, information could be lost in printing or viewing outside of Laserfiche. Maybe having a summary page of all footnotes that could be printed at the end of the document would help. I really don't know any other way to deal with the space issue, but I'm sure there are others who have ideas.
In my current scenario, I will be releasing information to a member of the public. I need to be able to print the redactions to Adobe or to a printer. I chose to use only legislative references due to space available on the document. I will accompany my release with a spreadsheet that contains a longer explanation of the redactions.