I think I may be able to achieve this using the in-place macros but I need some help.
Can you please provide me an example on how If then else statements work in the in-place macros? 
Here's what I'm trying to accomplish but with 
incorrect syntaxUnder...
Editable Text Webpart (Properties) > [Behaviour] > HTML editor toolbar set > [Macro Value]
if ({%cmscontext.currentuser.userisglobaladministrator%})
   ToolbarWithSource //The value I want the HTML editor toolbar to have if user is admin
else
   ToolbarBasic //The value I want the HTML editor toolbar to have if user is an editor