I have seen "AS BUILT" done bascically the same as Steve. In some cases it was noted in the revision note. In some cases the OEM chose to also stamp the drawing with a large text note or watermark. In both cases it was to be saved as a baseline for how the machine was shipped prior to installation. Ready to be installed. Often, several copies of AS BUILT prints get passed around during installation, they get marked with any changtes or additional notes as necessary and they are gathered up and made the basis for the next incremental revision number.
I concur with using revision notes only on a title page and the affected pages. I used Autocad in several flavors, but never seemed to get full projects from OEMS, just a collection of dwg files. For in house stuff, and for reproducing that first revision after installation, I would usually have all the sheets in one dwg file up to about 100 sheets arranged in a grid. This works well with Autcad E ladder utilities.
In all varieties of Acad, I would set up my viewports so I could re-use the same border, titles and parts of the title text common to the set. Then if you need to tweak the size a touch to make those 11 x 17 with just the right white space to fit in that heavy duty binder, you adjust one border page and mass edit the viewport properties if necessary so you don't have to go adjust 100 views or print settings, and if you want the rev number and notes to be common, that is also facilitated by this setup.