This is not a recommendation as I have not used this product, but thought
your question interesting and did some research.
http://blogs.msdn.com/chris_pratley/archive/2005/11/21/494990.aspx
According to this blog, "Another new feature is that when you install the
app to the storage card, attachments to notes such as images and recordings
are stored on the card and not the device storage, which helps reduce the
hit on device storage significantly.".
Note that this does not cover the notes themselves but associated images,
recordings and attachments.
If I understand the response at the end of the blog correctly, the problem
with putting the notebooks on a Storage Card seems to be with ActiveSync not
being able to handle synching with a Storage Card.
According to this website, ON mobile patcher "Allows you to select the exact
location on your device where you want to install OneNote Mobile"
http://tinyurl.com/onenotemobilepatcher
If this works as adverstised, then at least the ON Mobile application and
any additional storage requirements of notes will reside on the Storage
Card.
As I say, this response is theoretical, so we are interested in any
successes (or otherwise) you experience in sorting this out.