you can try 'setuptext' and '\setuptexttexts' to put "draft" in margin.and use 'orientation' to change direction.
%%%% \defineframed [marginframe] [width=max, height=max, style=\ss, corner=08, location=lohi, frame=off] \setuptext [style={\ss}] \setuptexttexts [margin] [] [\marginframe{\hbox orientation 1 {DRAFT}}] [\marginframe{\hbox orientation 1 {DRAFT}}] []
\starttext \chapter{C:Some Word} \dorecurse{5}{ \section{S:Some Word} \input knuth} \stoptext %%%