Thank you Neonwizard for below Link, handy to save!
The PDF I was trying to apply the Touchup Text Tool on must be a "Image" of a PDF, not editable, then opened three other PDF's which I had stored in My Documents Folder, applied the Touchup Tex Tool successfully in all three

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http://www.adobe.com/designcenter/acrobat/articles/acr7at_textedit.html