I would recommend using a component library that includes an editor. Since this will take away the component development for you.
As you are using JSF 1.X you need to look for old versions of those component libraries, like
- Richfaces 3.3.X -> http://livedemo.exadel.com/richfaces-demo/richfaces/editor.jsf;jsessionid=6BF69454022F877FC053F7A5432465CA?c=editor&tab=usage
- Primefaces 1.1, does not have a live demo online anymore, but does have an editor -> http://code.google.com/p/primefaces/downloads/detail?name=primefaces-1.1.zip