When in your paperspace, Select your Viewport then execute a Floating Model Space. You should be looking thru the hole in the paper. You can click on an object ( for example a text object) and edit it.. BUT BE CAREFUL. If you zoom in or out on this thru the hole in the paper "view" OR hit those strips at the left or bottom of the drawing space to move around int he drawing so as to "get a better look at things", it will move the drawing with respect to the viewport, and when you go back to paperspace your drawing will most likely not be positioned correctly in the viewport. Sure, your text will be changed, but your alignment will be a all messed up.
To correct this, click the viewport again and get into floating model space, then use the left and right and up and down arrows to shift the drawing around in the viewport. To get it more exact you can use the Pan to Point Technique ( See Panning in the Help). Put your cursor at the drawing location that you want to center in your viewport and then hit Ctl-End to shift the drawing so it where your cursor was placed is now centered int he viewport. You can also use the Vector Pan technique.
Would be nice if you could activate a little Mickey Mouse hand to grab pan like in other programs.