Hey, I think a Googler built something along these lines at one of our
internal hackathons. Maybe we can put it out as a sample soon, at
least as a jumping off point if it's not exactly what you're looking
for.
Why not create a math plugin in wave richtext editor. Simple technology. Edit latex syntax in wave math plugin, when saved, the server generate the image according to the latex script and display the equation as an image.
This image has an attribute, longdesc, to store the latex script, when edit the image again in the math plugin, the latex script can then be retrived and edited again.
This way, the server run only once for each saved latex script, but not rendering the latex image every time a user viewed the page; no additional addons or java applet required on client side to view an equation image.
The gui can contain those mostly used latex symbols and combos , with some javascript script manipulation to assist the latex authoring, an author can easily write their equation without the need to remember these 300+ latex symbols/combos/mathML syntax etc...