Improve the Editor's Style Picker

Goal
Make the style drop down easier to use and more indicative of the style to be applied.

Use Cases

1. Reflect the typeface, colour that will actually be applied to the text area
2. Make the style drop down wider (20px)
3. Increase the height of the drop down so that all the styles can be seen, no scroll bar
4. Remove the Format option ... it doesn't seem to do anything.