There is no floating toolbar in the SDK, but you can certainly make your own.
Create a new subclass of UIView and draw your toolbar (or use the existing UIToolBar if it does what you need, but as a subspecies of your custom view).
Then capture the touch events in your user view so that the user can move the floating panel by dragging it with a finger.
Many of the best apps for the iPhone and iPad have user controls, so this is certainly not a disapproval.
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