I also tried this technique – using tinymce as a settings array element with theme_advanced_buttons1:
wp_editor(
$content,
$editor_id,
array(
'media_buttons' => false,
'tinymce' => array(
'theme_advanced_buttons1' => 'bold, italic',
),
)
);
but it just shows up the full set of default tinymce buttons int the editor.