Hi - you have a few issues.
1 - Last Note is the last note. If you want all notes but only show those of a specific users, that is a collection (with an IF statement) and I'm not sure if you can do a collection of a reference (reference the project but then want a collection of notes from that project). I'll leave that for someone smarter than me to figure out. LOL!
2 - If you do want the last note, but only if it is from a specific user... I noticed there is no "noteText" on a project. I think you meant "lastNote" as that is something you can reference on a project object type. (API explorer is great to determine relationships between objects).
This worked for me
displayname=Last Project Note If By Anthony
textmode=true
valueexpression=IF({project}.{lastNote}.{ownerID}="532376910024d8443277c3e46ed5330a",{project}.{lastNote}.{noteText},"")
valueformat=string