I am having the same problem, trying to recover an EXISTING note that had different contents.
I followed the steps you provided above, but I noticed it did not recover the old note contents from 1, 3, or even 6 months ago. It only went back as far as a few days ago, regardless of how far back in Time Machine I tried to restore.
I also noticed inside of the com.apple.Notes folder, the path Data > Library > Notes contains these 3 files: NotesV4storedata, NotesV4storedata-shm, and NotesV4storedata-wal.
Time Machine would replace these files with an older version: NotesV3storedata, NotesV3storedata-shm, and NotesV3storedata-wa
I removed the V4 files and even trashed them. But when I opened Notes, the V4 versions of each of these files replaced the V3 versions. So I was not able to recover farther than a few days back. The way I can tell is that my shopping list will only go back as far as Sept. 21, 2015, a date I inserted in the title of the note and change when I update the list. The current shopping list note has a more recent date. But with the Time Machine recovery, nothing seems to go beyond a few days ago.
So, any ideas how to restore Notes beyond the Yosemite version? Thanks!