Here is a simple little demo that shows how to create, style and position a tooltip so it looks like an Error bubble.
This way you can have more than one visible Error Tip visible at once.

<?xml version="1.0"?>
<mx:Application xmlns:mx="http://www.adobe.com/2006/mxml" styleName="plain"  verticalAlign="middle" horizontalAlign="center">

    <mx:Script>
        <![CDATA[
             import mx.controls.ToolTip;
             import mx.managers.ToolTipManager;
            
             private var errorTip:ToolTip;
            private var myError:String;
              
           private function validateEntryA(event:Object):void {
                myError="Error A.";
                errorTip = ToolTipManager.createToolTip(myError,event.currentTarget.x + event.currentTarget.width,event.currentTarget.y) as ToolTip;
                errorTip.setStyle("styleName", "errorTip");
           }

           private function validateEntryB(event:Object):void {
                myError="Error B.";
                var pt:Point = new Point(event.currentTarget.x, event.currentTarget.y);
                pt = event.currentTarget.contentToGlobal(pt);
                errorTip = ToolTipManager.createToolTip(myError,pt.x + event.currentTarget.width,pt.y) as ToolTip;
                errorTip.setStyle("styleName", "errorTip");
           }
        ]]>
    </mx:Script>

<mx:TextInput id="a" width="100" valueCommit="validateEntryA(event)"/> 
<mx:VBox>
    <mx:TextInput id="b" width="100" valueCommit="validateEntryB(event)"/> 
</mx:VBox>

</mx:Application>
 

Hopefully this will be useful to some.
Here is a link to a Flex Builder 2.0.1 project
(compiled with SDK hotfix2) containing a sample demonstrating the solution described above.

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