Is it possible to repostion hover text?

When I use the hover text option, the text box obscures part of the date field and date picker so it's not possible to use the date picker option.

Is it possible to change the position of the hover text bubble?

Yes, it's possible to change the hover text, you may do it with this code: 

.form-description{

     right: 10px !important;

}

You may change the 10px value for any other that you need. This guide will help you injecting the code: https://www.jotform.com/help/117-How-to-Inject-Custom-CSS-Codes 

I hope this helps.