I was able to get the text to show up. I didn't realize the width had to span the entire toolbar width.
Code:
<Element ID="LevelMeter" X="1" Y="119" Width="841" Height="13">
<Element ID="LevelMeterFill" X="5" Y="7" Width="831" Height="8">
<Element ID="LevelMeter_BonusMeter" X="0" Y="0" Width="831" Height="8"></Element>
</Element>
<Element ID="ToolbarButton_LevelUpXP_TutorialHighlight" X="0" Y="1" Width="1" Height="1"></Element>
<Element ID="ToolbarButton_Experience_TutorialHighlight" X="0" Y="1" Width="1" Height="1"></Element>
<Element ID="LevelMeterText" X="3" Y="1" Width="837" Height="15"></Element>
</Element>