Yes, excellent idea - this is something I require.
When I have used other text editor components (VB, C++, ASP, .Net etc..), they typically provide a set of properties/methods to configure which toolbar buttons are visible/enabled. They certainly provide events for each button possibly with a Cancel boolean flag to override default behaviour before, during, and after the button click.
A simple example is the Save button - in this forum you are clearly using FCKEditor, but have disabled it - how? I would typically want to capture the save toolbar button click event and save the HTML to my own location.