Hmm... it appears that while I can create a custom content field that is a formatted/wysiwyg box, Im still unable to actually use the controls.
I created the field in my custom content type. When I add a post of that product type, I can enter in any sort of text I want within this WYSIWYG text field. However, the controls for formatting do not show up.
I did check and see if the user Im logged in with has its setting set to "disable visual editor" in case that was the problem. Seems that doesnt matter.
I did notice a place to add extra attributes (columns, rows, font size, etc..) which may be where I can set a "minimum" on it, according to the documentation. Would this let my format control show up?