Hi Dave,
I had a look at TinyMCE and I liked it a lot, nice work!. I had to tweak it a bit to make the "openacs" theme work on HEAD (committed) but couldn't make the oacsimage and oacslink plugins work. It will need some HTML strict cleanup too.
Tinymce on HEAD is version 2.1.3, the last one available is 3.1.1. I think we should upgrade, I can help with that. Right now, only english is available but if we upgrade, we'll be able to provide all the available languages (http://services.moxiecode.com/i18n/). The downside is that the API has changed in version 3.x so we'd have to adapt the oacs plugins and openacs theme, but it won't require too much effort I guess.
I agree that new parameter(s) should be created to hold the tinymce configuration. It may be worth to separate the different section of the configuration into different parameters (see http://wiki.moxiecode.com/index.php/TinyMCE:Configuration for reference): one parameter for the theme configuration, one for plugins, and one for general stuff. One might want to use the openacs theme but not the oacs plugins, in this case, the default would be kept for the theme parameters and the user would have to edit the plugins one only.