No, /way does not create a note on the map. Previous incarnations of this addon caused some issues, (with CorpseWay, for example) in which other people's maps were littered with skulls from other people's lack of... life. Anyway, this basically was due to bad design in the first instance.
I've changed it so that the note -can- appear, but doesn't broadcast. It is only temporary (as in that session only), but will eventually you'll be able to specify a permanent note from a waypoint. If you die, now, a temporary 'note' will appear for CorpsePoint, and will not broadcast, nor exist longer than you are a ghost.
Is there a simple command to create a note on the minimap right now? I don't care about the waypoint. I just want to create a note like /tloc initially did.