OK - Now I understand your problem
You're not missing it - it just isn't
where you would expect it to be. The FP is a "special" type of item & isn't
handled exactly the same as most others, but what you want is doable.
Go into the Customize Toolbars & Menus dialog then click View on the Excel
Menu Bar (not the "regular" menu you normally use).
Keep the Option button held down while you drag the Formatting Palette
command to the preferred location on a toolbar. Once you drop it in place
you can release the Option button. You'll have the result you want.
Unfortunately you can't assign a keystroke to toggle the FP on/off but if
you want to go that far Steve R. has provided me with a macro to which a
stroke can be assigned. Let me know if you want it, but the button method
described above should work out for you.
Since my installation of 2004 goes back over several years I may have copied
the FP button to the bar some time ago - can't remember for sure. But since
I have it on my toolbar I may have assumed it was by default & didn't
realize yours wasn't in the same place already.
HTH |:>)
Bob Jones
[MVP] Office:Mac