ToolTips in WPF can contain anything, not just text, so they provide a ContentStringFormat property for the times you just want text. You’ll need to use the expanded syntax as far as I know:
<TextBox ...>
<TextBox.ToolTip>
<ToolTip
Content="{Binding ElementName=myTextBlock,Path=Text}"
ContentStringFormat="{}It is: {0}"
/>
</TextBox.ToolTip>
</TextBox>
I’m not 100% sure about the validity of binding using the ElementName syntax from a nested property like that, but the ContentStringFormat property is what you’re looking for.