I think that once you have changed focus to your external dropdownlist, and then to your button, any knowledge of where the cursor was positioned in the FTB will have been lost. But maybe someone else will prove me wrong.
I had a similar situation in my app, where I wanted to insert values at a particular location. What I did was create a custom dropdownlist on the FTB toolbar, and populate it with the value options that the user could choose from. When they picked an option, the text was automatically pasted to the cursor location.
Here's an example in my FTB setup,
Dim MyToolbar As New Toolbar
Dim MyDDL As New ToolbarDropDownList
MyDDL.Items.Clear()
MyDDL.ScriptBlock = "this.ftb.InsertHtml(this.list.options[this.list.options.selectedIndex].value);"
MyDDL.Title =
"Insert Something"
'Maybe do the following one line in a loop, with data populated from DB?
MyDDL.Items.Add(
New ToolbarListItem("Your Text"))
MyToolbar.Items.Add(MyDDL)
MyFTB.Toolbars.Add(MyToolbar)