We still don't have a shippable version of FloatingToolbar working OK for every block. So I spoke with @iamthomasbishop and we agreed on a 1st shippable version which will help us gain some time before we fix it to work same as designs.

Here is the temporary solution sketch:

This version is putting the FloatingToolbar above the block's border allowing it to have its own space there, for now no overlapping with other blocks is needed.

Ideal version will be tracked with issue: #1414