When we draw a horizontal line with the WL GUI, it sets a ToolTip of the price associated with the line. Is there a way to set the ToolTip associated with objects we draw on a chart from the C# code?
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No, but see the AnnotateBar, AnnotateChart, DrawText, and DrawLabel functions.
Your interface to painting the chart from a script includes all of the functions in the Cosmetic Chart Category of the QuickRef (F11). Generally speaking, you can't access objects drawn on a chart from a script because they're not drawn until after the script runs. One exception is the ability the TrendLineValue function provides.
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