Hello!
For that ckeditor
http://ckeditor.com/ would be best. Unfortunately ckeditor isn't yet integrated in WB core, because it was quite complicated with CK 3.0 to integrate it. Now with CK 3.2 it's very easy to integrate it, also with jQuery. So you can configure it just uses a small buttonset. Of course then there needs to be made sure, CKeditor (not FCK!) is installed.
Please keep in mind: Frontend editing is always a matter of security...
Yours Michael