Theme template designer form

I am creating a website which will allow people to post content with "fluff"!

That is; users will apply choose from a selection of templates to
apply to their content[1] before displaying it on my website.

[1] Content contains no hyperlinks; just images and general
manipulation text manipulation (bold, italic, underline, alignment
[also for images], highlight and text-colour) with full drag-and-drop
support implemented in JavaScript.

Can you recommend some projects and/or modules which will assist in
building this project?

Thanks for all suggestions,

Alec Taylor

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