Something like this? This does use TikZ, even though that is really overkill.
\documentclass[welsh]{article}
\usepackage{tikz,babel}
\usetikzlibrary{calc,tikzmark}
\begin{document}
Yn y fan hon, mae\tikzmark{a} \tikzmark{b}geiriau.
\hskip 5em\tikzmark{c}testun neis iawn\tikzmark{d}
\begin{tikzpicture}[overlay, remember picture]
\draw ([xshift=-.25em]{pic cs:c}) -- ++(0,.25em) [out=90, in=-95] to ([yshift=.25em]$({pic cs:a})!1/2!({pic cs:b})$) [out=-85, in=90] to ([yshift=.25em, xshift=.25em]{pic cs:d}) -- ++(0,-.25em);
\end{tikzpicture}
\end{document}

EDIT
Here's a version which works with a single command. However, you need to ensure that sufficient vertical space is left for the text to fit.
The command takes 2 arguments. The first is a unique name for that point on the page. The second is the text.
\documentclass[welsh]{article}
\usepackage{tikz,babel}
\usetikzlibrary{calc,tikzmark}
\newcommand\neis[2]{%
\tikzmark{#1}%
\tikz[remember picture,overlay]{%
\node (#1-1) [inner ysep=.1em] at ([yshift=-1em]{pic cs:#1}) {#2};
\draw (#1-1.south west) -- ++(0,.25em) [out=90, in=-95] to ([yshift=.25em]{pic cs:#1}) [out=-85, in=90] to ([yshift=.25em]#1-1.south east) -- ++(0,-.25em);
}%
}
\begin{document}
Yn y fan hon, mae \neis{a}{testun neis iawn} geiriau.\bigskip
Dyma'r \neis{b}{geiriau bendigedig} testun arall.
\end{document}

EDIT 2
If you really want to squeeze it between lines of text, you can. However, I don't see much point in doing this as both the text and the addition will tend quickly towards the illegible.
But, heck, this site is about the technical implementation of ideas in TikZ, however batty they may be.
\documentclass[welsh]{article}
\usepackage{tikz,babel}
\usetikzlibrary{calc,tikzmark}
\newcommand\neis[2]{%
\tikzmark{#1}%
\tikz[remember picture,overlay]{%
\node (#1-1) [font=\tiny, inner xsep=.1em, inner ysep=.05em] at ([yshift=-.35em]{pic cs:#1}) {#2};
\draw [thin] (#1-1.south west) -- ++(0,.075em) [out=90, in=-95] to ([yshift=.25em]{pic cs:#1}) [out=-85, in=90] to ([yshift=.075em]#1-1.south east) -- ++(0,-.075em);
}%
}
\begin{document}
Yn y fan hon, mae \neis{a}{testun neis iawn} geiriau.
Dyma'r \neis{b}{geiriau bendigedig} testun arall.
Y mae llawer o eiriau mewn ieithoedd --- hyd yn oed yn un ohonynt.
\end{document}

EDIT 3
Here's a version which assumes double-spacing and uses \footnotesize for the inserted text. Although still somewhat squeezed, around about this seems to me a reasonable compromise.
\documentclass[welsh]{article}
\usepackage{tikz,babel,setspace}
\usetikzlibrary{calc,tikzmark}
\newcommand\neis[2]{%
\tikzmark{#1}%
\tikz[remember picture,overlay]{%
\node (#1-1) [inner xsep=.2em, inner ysep=.05em, font=\footnotesize] at ([yshift=-.65em]{pic cs:#1}) {#2};
\draw [thin] (#1-1.south west) -- ++(0,.25em) [out=90, in=-95] to ([yshift=.25em]{pic cs:#1}) [out=-85, in=90] to ([yshift=.25em]#1-1.south east) -- ++(0,-.25em);
}%
}
\begin{document}
\doublespacing
Yn y fan hon, mae \neis{a}{testun neis iawn} geiriau.
Dyma'r \neis{b}{geiriau bendigedig} testun arall.
Y mae llawer o eiriau mewn ieithoedd --- hyd yn oed yn un ohonynt.
\end{document}

\documentclass{...}and ending with\end{document}. – Jul 05 '15 at 20:34