EDIT: Sorry I did not take enough time to read. You wanted an Editable with picture, not a simple TextView.
Anyway, the solution is maybe to catch user keys and update a webview on the fly using
webview.loadUrl("javascript:onKeyDown("+keyCode+")");
You will need tight javascript/java linking. It can be somewhat tough to code but you will not be limited in terms of rich content.
Former answer:
You may want to use a WebView instead of a TextView.
They can be very lightweight if you feed them with simple HTML.
For example, if you want to use the image myImage.png
that you stored in your project assets
folder, simply use:
WebView myWebView = (WebView) findViewById(R.id.myWebView);
String richContent = "<html><body>This is text and an <b>Image</b>: <img src=\"file:///android_asset/myImage.png\" /></body></html>";
myWebview.loadData(richContent, "text/html", "utf-8");