With the introduction of the watermark feature in Writer in 5.4, some of the dialog properties should also be available in the sidebar's Page deck, most importantly the 'text' field, which should be a combobox with presets, and a direction listbox to switch between horizontal (0*), diagonal (45*), and vertical (90*).
Text presets available in MS Word - ASAP, CONFIDENTIAL, COPY, DO NOT COPY, DRAFT, ORIGINAL, PERSONAL, SAMPLE, TOP SECRET, URGENT
@Jay, we don't follow MS on this. Content of the drop list for text should pick up (and not interfere) with Miklos's work at 5.2 for TSCP-BALIS  and the "TSCP Classification" toolbar and Szymon's ongoing tweaks of a dialog, bug 88774.
(In reply to V Stuart Foote from comment #1)
> @Jay, we don't follow MS on this. Content of the drop list for text should
> pick up (and not interfere) with Miklos's work at 5.2 for TSCP-BALIS  and
> the "TSCP Classification" toolbar and Szymon's ongoing tweaks of a dialog,
> bug 88774.
Have no idea what work Miklos has done regarding TSCP-BALIS, but Szymon's dialog work from what i understand will support the import and export of MS watermarks, so not sure how this isnt relevant.
@Syzmon: What is your take?
@Jay, more so than just MS markings for import/export of OOXML, to support proprietary commercial and governmental use of LibreOffice when a document is assigned/annotated Business Authorization Framework  compliant policies it can have annotation that require control of the watermark(s) and document markings specific to the policy. Miklos explains it in his blog 
The watermark dialog and any subset for the Sidebar panel will have to honor the watermark(s) of a BAF policy, so we can not simply hard code text presets in the dialog or content panel but also must support dynamic markings drawn from organizational policies.
(In reply to Yousuf Philips (jay) from comment #2)
> Have no idea what work Miklos has done regarding TSCP-BALIS, but Szymon's
> dialog work from what i understand will support the import and export of MS
> watermarks, so not sure how this isnt relevant.
> @Syzmon: What is your take?
Yes, LO can export / import Watermark compatible with MSO Watermarks. Also Watermark from the TSCP Classification feature can be edited using the Watermark dialog.