How do I modify Word 2011 for Mac so I can see tracked changes inline and notes simultaneously?
You can get pretty close to what you want by turning off balloons. 

In the "Track Changes" section of Word's preferences, uncheck the button that says "Use balloons to display changes." 



Now additions and deletions are shown inline, and comments are shown as highlights with a reference.



You can view the comments by hovering over the highlight.



Or, you can display the "Review Pane" and view the comments (with additions and deletions interspersed) over there. Less distracting than balloons, though.