That is correct... it can also be updated on the page where the editor resides... in this case admin_cms/contents_update.php and admin_cms/contents_insert.php..
You'll find a line that refers to:
$CKEditor_config["toolbar"]
You can add or remove toolbar options manually from the array built on that line.
All of the options appear here:
$CKEditor_config["toolbar"] = array(
array( 'Source','-','Save','NewPage','Preview','-','Templates'),
array( 'Cut','Copy','Paste','PasteText','PasteFromWord','-','Print','SpellChecker','Scayt'),
array( 'Undo','Redo','-','Find','Replace','-','SelectAll','RemoveFormat'),
array( 'Form','Checkbox','Radio','TextField','Textarea','Select','Button','ImageButton','HiddenField'),
array( 'BidiLtr','BidiRtl'),
('/'),
array( 'Bold','Italic','Underline','Strike','-','Subscript','Superscript'),
array( 'NumberedList','BulletedList','-','Outdent','Indent','Blockquote','CreateDiv'),
array( 'JustifyLeft','JustifyCenter','JustifyRight','JustifyBlock'),
array( 'Link','Unlink','Anchor'),
array( 'Image','Flash','Table','HorizontalRule','Smiley','SpecialChar','PageBreak'),
('/'),
array( 'Styles','Format','Font','FontSize'),
array( 'TextColor','BGColor'),
array( 'Maximize','ShowBlocks','-','About'));
It looks like we didn't properly update all of the toolbar options since some of the names have been changed... it is supposed to have those listed... we'll get that updated... the default should probably be:
$CKEditor_config["toolbar"] = array(
array( 'Source','DocProps','-','Preview'),
array( 'Cut','Copy','Paste','PasteText','PasteFromWord','-','SpellChecker'),
array( 'Undo','Redo','-','Find','Replace','-','SelectAll','RemoveFormat'),
array( 'Image','Flash','Table','HorizontalRule','Smiley', 'SpecialChar','PageBreak'),
('/'),
array( 'Bold','Italic','Underline','Strike','-','Subscript','Superscript'),
array( 'NumberedList','BulletedList','-','Outdent','Indent','Blockquote','CreateDiv'),
array( 'JustifyLeft','JustifyCenter','JustifyRight','JustifyBlock'),
array( 'Link','Unlink','Anchor'),
('/'),
array( 'Format','Font','FontSize'),
array( 'TextColor','BGColor'),
array( 'Maximize','ShowBlocks'));