There's was issue opened in angular that wasn't resolve, about how the md-tooltip does not support multiple lines of text. Since there's not a straight forward solution you can use CSS to solve this issue.
By creating an autocomplete component you ensure flexibility and maintainability in your application. Changes and business rules are all concentrated in a single place making your views unchangeable if new features are needed or if perhaps your consumable service changes.
To create a re-usable autocomplete component in angular, you just need to understand how data-binding and observables work.