Greg,
There's a 3rd party control that lets you edit HTML called textcontrol (textcontrol.com). I've heard good things about this control but its expensive and bulkly and yet another thing to distribute to your users.
Other (untested, seat of the pants) ideas:
1. Use RichEdit (RTF) control and then write a RTF to HTM converter.
2. Use the DHTML editor capabilities built into Internet Explorer. I would search for more info on this control and its limitations on Rick Strahl's
www.west-wind.com site (whitepapers, blog entries, and messageboard areas). Rick sells an HTML help authoring utility and has done an exhaustive look at HTML editing components.
3. Automate Word as your HTML editor. I believe Rick Strahl mentions this technique in his blogs.
Hope this helps,
Malcolm