Mtexted custom .net Editor

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This question is pretty vague just trying to get an idea if this a route to go down or stop before I waste time.
Has anyone created an custom mtext editor. I have messed around with a basic one(Add button,Cancel button, and multi-line textbox) which gives no reason to use it over the built-in editor,
This is just an example not a question of how to do it
But would would be nice to build one for sheet notes or keyed notes that a engineer or (non-Draftsman) could use to give a closer feel to Notepad or Word. That would automalically number notes or insert keynote blocks and edit number attritributes at the begining of each paragraph.
Would it be eaiser to do something like this with a table
I have some ideas how to handle this but was wondering if anyone else has tried and what problems or just not enough avaliability in API to accomplish using an custom mtext editor.