You are right that the EditorInitialized does not contain the newly created editor. However, the custom editor will still be used to replace the default one. The EditorInitialized always return the default editor but it will not be used. I have approve the created feedback item and change the status to Unplanned. When the item is schedule for fixing from our development team we will update it. You Telerik Points are updated for bringing this behavior to our attention.
If you have any other questions, feel free to open a new thread and we will be happy to assist you.