I currently have a working drop-down list that allows me to change the font-size of the words inside my contenteditable div. However, it affects the entire contenteditable, instead of just the selected text.
<select onchange="$('#editor1').css('font-size', event.target.value + 'px')">
<option value="10">10</option>
<option value="12">12</option>
<option value="14">14</option>
<option value="16">16</option>
<option value="20">20</option>
<option value="24">24</option>
<option value="28">28</option>
<option value="32">32</option>
<option value="40">40</option>
</select>