Hi,
I have some disagreement with Jang here, despite our normally close relationship 
. As an author, I have been thinking for a while how nice it would be to have shortcuts for inserting/wrapping elements, based on simple formatting like bold. I would like to select text, then click a "Bold" button (or even just do Ctrl-B) and have the <b> element wrap automatically. I disagree that this points to a lack of education or a violation of the structured authoring paradigm. I think it is just a way to make things quicker for people who have to author a lot.
ExtendScript (or the FDK) would be very capable of this task. Since there would be lots of settings (ie, what tags to wrap for what actions), ExtendScript might be better since it is so much easier to make quick configuration changes. Plus the GUI capabilities are so much richer, especially if you want something like a toolbar.
I am almost sure to build a version of this myself in the near future. I'm not saying that I plan to build it for public release, although I might let it out. The point I'm trying to make is that I think it is a good idea and scripting would be the path to achieving it.
Russ