Many editors on one page

I have a page that has approximately 50 textareas on it, I can't create an editor for each one since it takes forever to load. Therefore, I would like to hide all of the textareas and place a button that will open the ckeditor when clicked in their place. I only want to have 1 editor open at a time, when the user clicks another button to open the editor, I want to close the previous one and save the data into a div that will be displayed in place of the textarea.

I have implemented a solution that does just that however I am running into a couple of issues with it.

1. It seems to take a little time to destroy the previous editor and load a new instance every time the button is clicked (obviously). Can anyone tell me how I could use the same instance of the editor just move it into the correct place on the page? The editor needs to be displayed inline.

2. After opening a number of editors on the page I occasionally see an error in IE that says something about $.styleSheet is null, I am not sure if this has to do with copy/paste from word or not.

3. I also seem to be having trouble with the TextColor and BGColor pickers. It seems to work on the first editor that is opened but after that the color picker is never seen again. Any ideas?

Thank you very much for any assistance anyone can give!