wymeditor in multiple input formats

I'm wondering if wymeditor can be used in more than one input format. As far as I can tell, the code is hardwired to use only the input format named "WYMeditor", and that format is created when the module is installed.

My problem is that I'd like only privileged users to use certain tags, like <img>. however I'd like all users to use wymeditor.

Is this currently possible? If not, what's the effort involved to support this and what's the recommended approach? Perhaps I can submit a patch.